Money & Banking
Post data analysis, SBI would even put ships on e-auction
India's largest mortgage lender, State Bank of India (SBI) would even offer ships online in the future after studying the analytical data on its recent e-auction of around 300 properties, said a senior official on Friday.
 
"We have a small coastal transport ship in our inventory of seized recovered properties. Putting it on e-auction is also a good idea. We have earlier sold couple of ships in the traditional manner," Parveen Kumar Malhotra, deputy managing director and group executive (Stressed Assets Management) told IANS.
 
On March 14, SBI auctioned around 300 properties (mix of residential/offices/shops/factory buildings) valued around Rs.1,200 crore online.
 
"We are studying the data to see the efficiency in price discovery for properties sold online. The study is to see whether the online sale price is better or the offline price is better," Malhotra said.
 
He said the around 130 properties got sold for a sum of Rs.80-90 crore.
 
The auction got good response for the residential properties put on sale.
 
"The experience gained is good and we are also studying how we can share more information about the properties (mainly about industrial properties) so as to conclude the sale," Malhotra said.
 
He said the bank had received many queries about the water supply to the factories and the approach roads.
 
"If it is a local bidder, he would have done the survey before the auction. Our legal department has to see whether what additional information could be shared about the property without compromising on client confidentiality," Malhotra said.
 
One of the views regarding the industrial properties is that the bidders need additional time and the bank is also looking at the possibility of giving a longer pre-bid period.
 
Another banker told IANS that SBI could also do an efficiency/economic analysis of various modes of recovering dues.
 
Malhotra said on the whole the e-auction was satisfactory and it was a good experience to take it forward.
 
Other bankers too enquired in a friendly manner as to the e-auction modalities, he added.

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Anti-black money bill tabled in Lok Sabha

A bill on unearthing black money and punishing those with ill-gotten wealth was tabled in the Lok Sabha on Friday, the last day before parliament goes into its scheduled month-long recess.

The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, proposes a short window to overseas income tax assessees to declare their assets, pay tax and a penalty and thus avoid imprisonment.

It provides for a maximum of 10 years' rigorous imprisonment for evading tax on foreign assets.

There will also be a penalty at the rate of 300 percent of taxes on the concealed income and assets.

The new legislation will provide that income in relation to any undisclosed foreign asset or undisclosed income from any foreign asset will be taxable at the maximum marginal rate.

 

Salient points of the Anti-black money bill tabled in the Lok Sabha Friday

 
* Maximum of 10 years rigorous imprisonment for offenders who evade taxes on foreign assets.
 
* Penalty at the rate of 300 percent of taxes on the concealed income and assets.
 
* Income from any undisclosed foreign asset or undisclosed income from any foreign asset to be taxable at the maximum marginal rate.
 
* Beneficiary of foreign assets will be mandatorily required to file return, even if there is no taxable income.
 
* Non-filing of income tax returns or filing of returns with inadequate disclosure of foreign assets liable for prosecution with punishment of rigorous imprisonment up to 7 years.

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Charlie Sheen makes racist comment against Obama
Hollywood actor Charlie Sheen has posted a racist comment on US President Barack Obama, calling him "Barry Satera Kenya”.
 
"Barry Satera Kenya u won't attend a soldier's funeral uhkros da street that u kild yet u hav time 4 brackets? s a d," the actor posted on his Twitter page on Wednesday.
 
"Barry Satera Kenya" refers to Obama's African heritage, as his father came from Rachyuonyo District in Kenya, even though Obama himself was born in Hawaii. The meaning of word 'Satera' is still left unexplained, reports aceshowbiz.com.
 
The 49-year-old's anger appeared to be fuelled by Obama's appearance at the bracket on ESPN, an annual tradition during his presidency, instead of attending a soldier's funeral. 
 
The soldier's funeral that Sheen refers to may be the funeral of a two-star general, who was killed in Afghanistan. 
 
However, his accusation that the funeral had been ignored by the administration was incorrect since the ceremony was attended by US Defense Secretary Chuck Hagel.
 
The tweet sparked an outburst from other Twitter users. 
 
One of the users who commented on Sheen's tweet, wrote: "He can't attend every funeral, grow up", while others said that mentioning Kenya in his tweet was racist.

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