MLM / Chain Money
Economy & Nation Exclusive
QNet: When India CEO Suresh Thimiri denies relations with the company

QNet India’s CEO Suresh Thimiri, in his anticipatory bail application has denied any relations with the MLM company and its representatives!

The case of QNet, the Hong Kong-based controversial multi-level marketing (MLM) operator is taking various twists every day; but this one will shock its tens of thousands zealous subscribers and distributors as well.  Suresh Thimiri, QNet India's chief executive, in his anticipatory bail application has denied any relationship with QNet or any of its representatives.


Thimiri, in his anticipatory bail application filed on 19 August 2013, before additional session Judge DA Dholkia has said, "The applicant (Thimiri) does not hold any sort of relation neither with the Company (QNet) nor its representative (including Eswaran) against whom the Complaint has been lodged by the respondents (Gurupreet Singh Anand) in Oshiwara Police Station." (See image below)


Interestingly, the same Thimiri is often seen hobnobbing with QNet's 'sales force' or independent representatives (IRs) as well as celebrities like Sri Lankan cricketer Muttiah Muralitharan as recently as in April 2013. One simple question, to the legendary cricketer. Why he is not promoting QNet in his home country? Is this because, Sri Lanka has particularly banned QNet in its previous avatar? (See image below)


Even, Thimiri's profile on LinkedIn shows him as chief executive of Transview Enterprises (QNet) (). Transview Enterprises Pvt Ltd is an associate company of Vihaan Direct Selling India Pvt Ltd that handles QNet's MLM operations in India since 14 April 2012. Before that QNet's Indian operations were controlled by QuestNet Enterprises (India) Pvt Ltd a company registered at Chennai. QuestNet Enterprises was operating QNEI eStore, a platform from where IRs, which is how the investor-dealers of QNet are described, could place orders or buy products and also enrol new recruits. After launching Vihaan, the company asked all its old IRs to mandatorily register under the new business name in order to receive their commissions. Vihaan is a direct selling agent of QNet and had done large financial transactions with Thimiri's company Transview.


Coming back to Thimiri’s submission in the Sessions Court, this may appear strange for those who do not have much knowledge of a typical MLM company and its operations. Most MLM companies tell distributors or IRs not to make claims for the products except for those found in company literature. (That way the company can deny responsibility for what distributors do.) However, many companies, including QNet and Amway hold sales meetings at which people are encouraged to tell their story to the others in attendance.


Last year, senior Amway representatives Richard N Holwill and Rajat Banerjee, who met us, admitted that although some distributors tend to go overboard in pitching the scheme, income from being a distributor of Amway can, at best, be a source of additional income or pocket money for most people. It is not the pathway to riches as MLM companies make it out to be.


Another modus operandi that is used by the top guns of MLMs is either they deny any association with the company and claim that they themselves are victims of this fraud! Reportedly, few years back police registered a complaint against a female IR (who has now become diamond in QNet) for fraud and cheating. The lady walked away from the case by claiming that she herself was a victim of this fraud. One wonders, why then the lady did not file similar complaint against the company? But this is how these MLMers operate.


In case you are still wondering why Thimiri is not filing a complaint against QNet for using his name as CEO, here is an eye opener from the Hong Kong High Court. Hong Kong-based Kurt George Rocco Rinck, who was one of the founder-director of QI group, the parent of QNet, GoldQuest and QuestNet had filed the case. Although his case was dismissed on ground that he had signed a trust agreement and thus was liable to pay money to QuestNet, here is what Justice John Saunders had stated… 

2.  The particular business run by QuestNet made it necessary for various of QuestNet’s directors to establish in their personal names, to be used as what were described as “buffer accounts”, bank accounts in which funds were held, to be available to QuestNet, to avoid potential problems which may arise should QuestNet’s own bank accounts be frozen.

3.  In order to establish one of these buffer accounts, on 18 November 2003, Mr Rinck made a declaration of trust in favour of QuestNet in which he declared that he held all moneys in certain accounts with Citibank in Hong Kong, namely accounts numbered 12330345, 12330353, 82346968, 19356439, 39052036 and 29342899, (the Citibank accounts), which accounts were in his personal name, and that he held:

“all money which may be accrued to or deposited into the aforesaid account from time to time on trust for the absolute benefit of (QuestNet) until such time as those money are withdrawn, transfer or in whatever way he taken out from the aforesaid account according to the instruction of (QuestNet).” (sic)

4.  By a subsequent similar declaration of trust, dated 13 December 2005, Mr Rinck reiterated the declaration of trust that he had made in relation to the Citibank accounts, and further declared that he held all money in account number 800777 (under Identification #800777 SAWTSCHENKO) with Dominick Co Bank in Zurich, Switzerland upon trust for the absolute benefit of QuestNet.  In these proceedings the funds in the various accounts, as at 30 June 2006, have been referred to as the Trust Funds.

5.  A dispute arose between Mr Rinck and QuestNet around late June or early July 2006, as a result of which QuestNet took steps to remove Mr Rinck from his positions as an employee and director of the company.  Mr Rinck disputes that those steps have been effective.

Coming back to Thimiri, the Sessions Court has granted him interim bail on execution of personal recognizance (PR) Bond of Rs25,000 with one or two sureties of the same amount, while directing him to be present before the investigating officer as and when required.


We sent an email to the PR agency of QNet India. The agency told us over phone, that QNet India does not want to provide any information, including names and designations of its top executives at this stage and may issue a statement once the investigations get over.


You may also want to read…

QNet: Six bank accounts frozen, more arrests soon, says EOW


QNet: EOW freezes Rs45 crore in two bank accounts of the MLM


QNet: Mumbai police register fraud case against the MLM

QNet, the MLM has resurfaced in India; will people be duped again?


QNet, the MLM company, has no answers to Moneylife’s simple questions


QNet: The “money game” played by MLMs to lure the gullible


Forbes magazine's strange activism on behalf of the shady MLM QNet


MMM India, QNet ‘cult’ growing. Why government is dragging its feet in tackling this MLM menace?



jitu moni

2 months ago
The Economic Offences Wing (EOW) of the city police arrested a woman in her early 30s on Thursday for her active involvement in the multi-crore QNet scam. The total number of arrested accused has now reached 47, which includes Billiards champion and Padma Bhushan recipient Michael Ferreira.
In the Rs 1,000-crore scam of Hong Kong-based company QNet, nearly 5 lakh investors across the country were duped. QNet has been accused of using the banned binary pyramid business model for its multi-level marketing schemes to lure investors.

QNet posed as a marketing firm selling bio-discs, watches, herbal products, holiday packages, etc. It also claimed that by using the bio-disc, one could cure cancer and brain diseases, the police said.
Too much baggage
Accused Aditi Mitra was intercepted at the Chhatrapati Shivaji International Airport, and subsequently, arrested based on the lookout circular that had been issued against her.

Assistant commissioner of police Arun Jadhav confirmed her arrest said she was sent to police custody till March 23.
Mitra was allegedly trying to flee to Dubai for good. She was carrying eight big bags and two handbags. Of the eight, two contained her belongings; she refused to say what was in the other six, sources said.

Mitra, an independent representative associated with QNet, had been getting hefty commissions in return. She has multiple bank accounts, with one alone having Rs 25 lakh, as EOW officials found, adding that all her bank accounts have been frozen.

Active player
Investigators found that on the instructions of the other accused, Mitra was actively involved in the scam. She had brainwashed victims in order to induce them to invest in the scheme,” said special public prosecutor Pradip Gharat.

A victim, Sewri resident Arpita Majarekar, said, “She would conduct welcome sessions in malls and trap people with her sweet talk.

She had promised me and many others that if we invested in the scheme, we would get double the amount in three years.” Majarekar, who works in a private firm in Andheri, had invested nearly Rs 12.5 lakh in the scheme through Mitra.

She has been booked under relevant sections of the Maharashtra Protection of Interest of Depositors in Financial Establishments Act, Prize, Chits and Money Circulation Schemes (Banning) Act, and the Indian Penal Code.


8 months ago


Ever since you lost your hard earned money in QNET SCAM, you all have multiple questions and facing multiple issues like :

1. Where and whom to approach for recovering your hard earned money?

2. How to help fight and stop this QNET SCAM?

3. How to teach your CHEATER UPLINES a lesson?

4. Issues regarding the “so called” “REFUND POLICY”.

5. Are you eligible for “Compensations”?

6. Issues regarding action buy police authorities.

7. What is the status of the court cases etc.

These are an example of just a few issues and concerns you are facing, but there is GOOD NEWS for you all. We have been working overtime to try and bring an end to these woes and issues faced by Victims of Financial Frauds like this QNETSCAM.

So guys and girls tomorrow is the BIG DAY finally , Please do join us tomorrow (Sunday) afternoon at 1.30 PM sharp at Andheri east, outside Sarangi Restaurant (Just 1 minute from the Andheri station on the east side).

Please do come and also inform other victims of the QNETSCAM.
Tomorrow (Sunday) afternoon sharp 1.30 PM, outside Sarangi Restaurant , Andheri-east, Mumbai.

Please note we have limited seats, first come first served basis make sure to reach in time __/\__ . You can contact on 7498063701 in case of difficulty in locating us :)

Jai Hind.

jitu moni

9 months ago
Four persons, who were associated with Hong Kong-based QNET, a multi-level marketing (MLM) company, and duped 200 persons by promising them jobs, were arrested by Central Crime Station (CCS) officials on Thursday. However, the MD and directors of QNET and its sister company Vihaan Direct Selling are still at large.

Deputy commissioner of police (CCS) Avinash Mohanty said Sreenath Konda, Prasanna Kumar Reddy, V Kanchana, B Dhan Raj were arrested from different locations in the city for cheating people.

Police said the accused had been enrolling gullible people as agents by collecting Rs 10 lakh from a group of 10 persons.

Each person would be given status of promoter, direct them to attract a group (i.e., 10 persons) and make them join QNET by paying Rs 10 lakh, for which the promoter would be assured commission.

jitu moni

9 months ago
Mumbai: The Supreme Court on Thursday directed the Maharashtra Government to file the latest status report regarding investigation so far on the anticipatory bail plea of World Billiards champion Michael Ferreira and four others, who are facing charges of money laundering in the multi-crore QNet case.

The next hearing in the matter will take place on September 14.

Besides Ferreira, the others whose anticipatory bail plea were rejected were Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt. Ltd, and Suresh Themiri, director of Transview Enterprises.
They are facing charges under Sections 420 (mischief), 468 (forgery), 471 (using forged document knowing it is not genuine) of the Indian Penal Code (IPC).

Justice Mridula Bhatkar of the Bombay High Court, who took on record the statement of public prosecutor Pradeep Gharat that investigations were still on, had in May rejected their anticipatory bail pleas.

Ferreira had started the operations of QNet, a multi-level marketing company, in India via his firm Vihaan Enteprises.

The QNet cheating case began with a complaint by Gurpreet Singh Anand, who raised his voice after losing Rs. 30,000.

According to the police, the money involved has crossed Rs. 1,000 crores in the alleged scam with more than five lakh investors allegedly losing their money in the case against QNet which is being probed by the Economic Offences Wing.

jitu moni

10 months ago
NewsAmbit, New Delhi
Delhi Police Economic Offence Wing(EOW) has registered an FIR against QNET India/Vihaan Direct selling India Private Limited and its three independent representatives on the allegations of cheating and fraudulently operating the multi level marketing, which is illegal in India. Police have initiated the investigation and suspecting huge scam, which is estimated in crores.
A senior Police officer of EOW said that we received a combined complaint against QNET India and its three independent representatives from more than dozen of people in the month of March this year. As per the allegations of main complainant Anuj Jain alleged that his friend Himashu Aggarwal approached him for an business opportunity. He said that he is an independent representative(IR) of an e-commerce based company. He said that he can arrange an meeting with the other IR’s who will tell you about the business and if they find you suitable you will get chance to be a part of the company. After few days Himanshu called Anuj Jain to come with a CV at a café situated in Nehru Place area on 29 November 2015. Anuj reached there, where he met with Himanshu and his to associates Anita Jaggi and Kanika. Trio told him about the business profile and also assured that this is not a networking marketing company. They demanded Rs 6.5 lakh to be a member of the company. They also said that company has millions of customers. IR of the company is treated as a partner and also got the profit share for each sale. After three four days Anuj gave them 6.5 lakh rupees but after some time he got to know that this is a multi level marketing company and fraudulently cheating innocent persons by roping them in it’s banned business with the help of IRs.
Police said that Anuj is not the only complainant so many more complainants also approached to EOW. After which a preliminary enquiry had conducted. It was found that some persons who are termed as IR contact their friends and close persons to join a new e-commerce business. They don’t tell the name of the company or complete business module at the beginning. After alluring them they set various amounts from the victim. Independent Representatives(IR) get training during the joining and talk to make further members. These kinds of IRs of the company are operated from different cafes and food courts situated in Delhi and NCR.
Those who join the company get user id etc and products like ravel packages, some other items etc are shown purchase from their money. The delivery address given in the portal is also found of overseas area most of the time and mostly that address is too fake type location only which shows that no products are being sold and it is a completely a money circulation scheme. Two websites were found involved in the namely and were found mated to Vihaan Direct selling (India) Pvt ltd which is stated Indian Franchisee of Hong Kong based net company. Investigations are on. Police are trying to unearth the whole network of the IRs on which this company is running its business unlawfully in Delhi. A case has been registered u/s 420/120B/34 IPC and 4/5/6 of Prize Chits and money circulation Schemes(Banning) Act,1978 .

Profiles of IRs
Himashu works with Samsung
Anita Jaggi works with RBS

jitu moni

1 year ago

Bluru QNet agent who earned 50L a yr as commission held
Mumbai: The Economic Offences Wing (EOW) has arrested Ram Singh, an accused in the Rs 1,000 crore QNet case, for earning Rs 50 lakh or more as commission each year from proceeds of the crime.

Singh, a Bengaluru resident, was arrested last week after the imigration authorities at Bangalore airport detained him over a look out circular notice (LOC) issued by the Mumbai police. "We are going through all his bank account details and trying to ascertain the source of money to his account," said DCP Pravin Padwal of the EOW.

Singh's name had cropped up during the initial investigation in 2013 but the police could not locate him then. In January 2015, a police team visited his Bengaluru residence but did not find him there. The house was locked. He is the 19th accused to be arrested in this case so far.

"We are working to arrest all the culprits in this case. A special investigation team has been formed to nab the othe accused invovled," said Dhananjay Kamalakar, joint police commissioner, EOW. Singh, said police sources, has been sending money to his daughter who is studying in Canada. "We have to know his source of income. He has sent a major chunk of money to Canada. We suspect this money was gained from QNet. Moreover, he was looking after the QNet business in Dubai and has been shuttling between Dubai and India. We got his passport number late. Soon after getting it, we issued an LOC notice and he was detained," said an officer.

A special MPIDA court in February this year rejected the anticipatory bail plea of Michael Ferreira (77) winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others, Malcom Desai, Vanka Srinivas, Maganlal Balaji, all directors of M/s Vihaan Direct Selling (India) Pvt Ltd and Suresh Themiri, director Transview Enterprises. They all have approached the high court now in the QNet case.

"They posed as a marketing firm which would sell bio-discs, watches, herbal products, holiday packages, etc. They even claimed that by using the bio-disc, one can cure cancer and brain diseases," cops said. Some money has been transferred to Malayasia, Singapore and Hong Kong, too, cops added.

jitu moni

1 year ago
Mumbai: The city's economic offences wing (EOW) is now looking into allegations that several Bollywood celebrities campaigned for the cheat firm, QNet, through advetisements or by promoting the schemes of the self-proclaimed marketing firm.

Gurupreet Singh Anand, complainant in the Rs 1,000-crore QNet cheating case, on Wednesday said at least four Bollywood actors promoted the Ponzi schemes at different times in the QNet's promotional programs in United Kingdom and Malaysia. He has submitted a 23-page letter wherein he has attached the celebrities' pictures promoting the programs.

"I have submitted letter and all the relevant information to the EOW on May 12. I am hoping some action soon," Anand told TOI. He alleged that the money was laundered from India to Hong Kong and Malaysia.

Anand was speaking at a press conference where suddenly a group of QNet sympathisers appeared with "I trust QNet" placards.. They were later asked to leave the conference room.

jitu moni

1 year ago
Mumbai: The city's economic offences wing (EOW) is now looking into allegations that several Bollywood celebrities campaigned for the cheat firm, QNet, through advetisements or by promoting the schemes of the self-proclaimed marketing firm.

Gurupreet Singh Anand, complainant in the Rs 1,000-crore QNet cheating case, on Wednesday said at least four Bollywood actors promoted the Ponzi schemes at different times in the QNet's promotional programs in United Kingdom and Malaysia. He has submitted a 23-page letter wherein he has attached the celebrities' pictures promoting the programs.

"I have submitted letter and all the relevant information to the EOW on May 12. I am hoping some action soon," Anand told TOI. He alleged that the money was laundered from India to Hong Kong and Malaysia.

Anand was speaking at a press conference where suddenly a group of QNet sympathisers appeared with "I trust QNet" placards.. They were later asked to leave the conference room.

jitu moni

1 year ago

QNet: Secret SFIO report says MLM, Ponzi schemes a threat to national security
Read article

jitu moni

1 year ago

Hello Everyone

The company Qnet is celebrating VCon from 3-7 May. As a present,yesterday late night, I posted lot of comments on numerous pics uploaded on Instagram. I also posted on VChief Pathmans account. Unfortunately, they kept deleting my posts and had to ultimately block me. If each one of us, Indians, takes to instagram and starts posting messages like me, then they would have to either block us or abandon their account, which is their money making tool. You can start with Qnetofficial,TheV, Pathmans account, etc with phrases like Pyramid Scheme, Qnetscam, Franchise Fraud, Police arrests, court cases,Cheating, etc. They cannot stop us if we all work as one unit.

Hope we all teach them a lesson and save other fellow Indians.

Jai Hind

jitu moni

1 year ago
CM Devendra Fadnavis has assured detailed inquiry into QNet: BJP
Chief minister Devendra Fadnavis has promised to make a detailed inquiry of the alleged irregularities by the QNet multilevel marketing company and take action against the offenders, said BJP spokesperson Madhav Bhandari on Saturday. Former union minister P. Chidambaram’s wife was a legal counsellor with the company.

The QNet company, which was earlier known as Goldquest, has cheated 12 lakh people to the tune of thousands of crores of rupees. The court has rejected anticipatory bail to the accused in this case. When the CM was contacted about this, he promised to make a detailed inquiry and take action. If necessary, he said that the CBI’s help would also be taken, said Mr Bhandari.

The party spokesperson demanded that the role of former Union minister P. Chidambaram and his wife needs to be probed in this case. “Mr Chidambaram’s wife was a legal counsellor of the concerned company. Taking note of complaint registered by a lawyer from Chennai, the Central Vigilance Department handed over the case to the CBI. The complaint also has a mention of former Union minister Shashi Tharoor. However, the CBI did not investigate the matter during the tenure of Congress government at the Centre,” he alleged.

In Maharashtra, the wife of Gurpreet Singh Anand had in 2013 filed a complaint of fraud against the company. However, there was not much inquiry during the Congress-NCP regime. But since the court has denied anticipatory bail to other accused, including sportsman Michael Ferreira, the investigation can be expedited. Many sensational things are expected to come out in the investigation as the CM has promised to carry out a detailed probe in the case, said Mr Bhandari.


Scott Johnson

In Reply to jitu moni 1 year ago

Any idea how long these investigations normally take? Qnet operates similar to Amway, the largest MLM scam on the planet: http://www.StopTheAmwayToolScam.wordpres...

Amway has 2 major problems, as do most MLMs:
1. The products are overpriced, which makes them almost impossible to sell to customers and results in Amway being an illegal pyramid, according to the FTC and SEC websites and previous court decisions, and
2. The Tool Scam is hidden profit for the top level distributors only, and the vast majority of distributors operate at a net loss as a result. This is RICO fraud.
Read about these and much more at http://www.StopTheAmwayToolScam.wordpres... and email
[email protected]
if you want to help shut down Amway and other MLM scams.

jitu moni

1 year ago

Mumbai police seeks Zee business help in probe of QNet

jitu moni

1 year ago
A group of investors in the QNet multi-level market case on Sunday gathered near Holy Family Church and marched as a protest and public awarness against ponzi schemes. The protesetors reached at the house of accused Padma Bhushan Michael feriera in the QNet cheating case. The protesters were holding placards that read, Michel Ferriera Shame Shame! and Ban QNet".

"We chose Bandra for protest since most of the accused in this scam reside here. We had informed the police in advance and stated that the peaceful march will be for awareness about such fraud schemes and protest against such ponzi schemes," said Gurpreet Singh Anand, the first complainant in the QNet cheating case. He added that thgough it was his birthday but he did not spend time at home and was busy in the awareness drive.
Similar protests were held in New Delhi, Bangalore and Hyderabad on Sunday. Last month a special MPIDA court rejected the anticipatory bail plea of Michael Ferreira, winner of the World Amateur Billiards Championship and a Padma Bhushan recipient, and four others in the QNet case. They have approached the Bombay High Court for anticipatory bail. Ferreira, 77, and others had applied for anticipatory bail in 2014.

jitu moni

1 year ago
The economic offences wing of Mumbai police, probing the multicrore Qnet scam, has issued notices to Indian Super League (ISL) officials to gather details about taking sponsorship from the tainted company.
Qnet had made celebratory association as the official direct selling partner of Goa Football Club (FC Goa) throughout the Indian Super League 2015 season, from October to December. FC Goa is a part of the ISL football league tournament. Sources said the police are trying to find out the how the proceeds of crime of a company under serious investigation, have been used to sponsor the team. Police are also baffled as how the Qnet managed to generate money when its accounts have been seized. "We have sum moned ISL officials to understand the amount and flow of money in their sponsorship from the Qnet company which had defrauded several investors," said an official.

jitu moni

1 year ago

The fight against the Qnet scam wheré more than 7000 crores of rupees has been laundered out to foreign shores from India has just got bigger.

The Saradha Scam which started mainly in Bengal looks relatively smaller compared to the Qnet scam which had defrauded people across various cities like Mumbai,Delhi,Bangalore,Hyderabad etc for over a period of 10 years.

To unite and protest against this MLM scam plaguing India, all victims,activists, are requested that they gather outside Holy Family church,Hill Road,Bandra West at 10.30 A.M. tomorrow 24th April,2016.

Various press and media agencies will be present to cover the event meet and address grievances to authorities.

The current government has taken note of the Qnet scam and matter will be taken up at upcoming Parliament session.

All Indians are cordially invited to support the cause and join in the protest. We need to end the scam by spreading awareness and recover the money taken away by the scamsters.

A request to all to please forward this message on Facebook, twitter and WhatsApp groups... Jai Hind

Why subject black gold producers to avoidable hurdles?

Environmental clearances are becoming major hurdles for projects that can help the country reduce its import bill and thus save precious foreign currency (US dollar). Is it time to reorganize and restructure the Ministry of Environment and Forests?

The Cabinet Committee on Investments (CCI), headed by Prime Minister Dr Manmohan Singh, took a major step in demanding the Ministry of Environment and Forests (MoEF), to clear all pending issues, particularly those relating to power projects, within six months.


Perhaps, the time has come for the government to reorganize, restructure, and clearly lay down the terms of reference for efficient functioning of the MoEF. They need to be accountable for delays and have to periodically bring to public notice the unacceptable delays that the promoter may cause in completing the required conditions laid down by MoEF. This will give the promoter an opportunity to explain his position, so that corrective steps can be taken in order to move forward.


Projects worth crores of rupees that endanger the national progress, due to delays in completion, have been stalled for one reason or another, due to delay in environmental clearances.  Cases have been pending for years, while imports continue unabated for essential items. With the largest of coal reserves in the world, India has been forced to depend upon imported coal. 

Power generators have had to curtail production simply because the fuel is not available. Bottlenecks faced by mine-owners have been enormous; gas supplies from Reliance failed to meet the initial production promised due to fall in output, where it was hoped to increase.


But, for instance, in the case of Cairn India, who wants to, and who can increase their production, they cannot do so, simply because they have not got the "green nod"! Let's take a look at Cairn India story.


Cairn India began to produce gas and oil four years ago, and have now reached 1.80 lakh barrels per day (bpd).  Their plans are to be able to reach 2 lakh to 2.15 lakh bpd by March 2014, subject to, of course, environmental clearance! This is the major stumbling block.


Based on production at the wells, it is estimated that they can actually reach 3 lakh bpd once necessary clearances are received. Obtaining the clearance from MOEF should be a mere formality, rather than a stumbling block, for a producer who has been at the job for four years now!


It is rather unfortunate that the much talked about one window clearance does not apply in proven cases, like Cairn India's gas and oil fields. In fact, in addition to obtaining the MoEF clearance to increase the production to say 3 lakh bpd, they need to obtain permission from the Ministry of Petroleum & Natural Gas and the Rajasthan Government as well.  Why should this be so?


Obviously, the clearance formalities from these two key areas are moving at their own pace, and, as a result, Cairn India has sought intervention by the CCI to expedite the case.  It may be noted that Cairn India's project at Rajasthan is estimated to cost in excess of Rs28,000 crore!


In addition, readers who have been following up the Cairn Story may recall that, earlier, they had surrendered some areas after exploration, but, recently sought reinstatement of the area back to them, so as to continue their work.  They must have sufficient reason for this request, as after all they had done a lot of survey work; but, instead of returning the surrendered areas back to Cairn, the explorer has been asked to ‘re-apply’ for getting the allotted area back, along with the rest of the applicants, if any. Such a procedural demand is childish and not realistic. Why apply ‘delay-tactics’ here?


In the meantime, it appears that Cairn have also sought approval for going ahead with their integrated development plan for Rajasthan.  Simply considering their past well established presence in the State and with their proven track record, they feel they can also reduce the block development time.


It must be remembered that our current account deficit (CAD) has been caused by huge imports of gold and our continued dependence on oil, gas and coal imports; we do not mine gold, but we do have access to the rest in the country itself. Indigenous supplies help us to save the much-needed foreign exchange.


Due mainly to these factors, the Indian rupee is in the doldrums and heading towards the 70 level against the US dollar.


Under these difficult circumstances, it is imperative that the government gives an open clearance to expand and/or increase production of these items by 25% without the need to obtain formal clearances (green nod), which can be completed at a later date.  Such a move will save us months of agony, and will not disrupt production.


Dilly-dallying by multiple organizations involved in ‘clearances’ needs to be eliminated for us to move forward.


(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce. He was also associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US.)



Deepak Gupta

4 years ago

It has become fashionable to just blame MoEF for all problems related to Indian economy and the Current Account Deficit. The simple fact is that a very tiny majority of projects are denied environmental clearances.

Oil & gas production is a highly polluting activity. And the oil industry's record in avoiding responsibility for the mess they leave behind is legendary.

There is definitely a need to modernize MoEF, by investing money, modernizing monitoring technology, and paying industry wages to technical and regulatory staff. And impose liability of consequences on the the oil companies.

Oil industry is interested in making super profits, and they will cut corners in search of these profits if monitoring and liability is not strongly enforced. Strong enforcement by a modern MoEF also means quick decision making.

TDS payment on property and how to obtain form 16B and 26QB

From June 2013, purchaser of property with value of Rs50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller

I would like to run the readers through the TDS payment process and the steps to be taken to obtain Form 16B (for the deductor or buyer) and Form 26QB for the (seller or deductee).

Firstly one has to go to the following link:

  • Once this link is opened click on Form 26QB (Payment of TDS on sale of property).
  • Select (0021) in case of non corporate payer and 0020 in case of corporate payer.
  • On filling in the various details called for in that form, click on ‘Proceed’ at the bottom of the page, this will then take you to the next page, which will give you the option to select your bank.
  • Once you select the bank, then login using the normal online process for your bank.
  • Once the payment is made the bank will let you print challan 280 with a tick on (800), which is payment of TDS on sale of property.
  • Take a printout of the challan and keep the same for your records and for the builder/seller if required.

This is the first phase of the process. Once this is completed one has to wait for seven days for the details to be reflected on TRACES web site - As a first time user, you will have to register on this website. Once you register whether as seller or buyer, you will be able to obtain the Form 16B or 26QB which has been approved and is reflected against your PAN in your Form 26AS.

Check Form 26 AS after seven days and you will notice that the payment you had effected against TDS on sale of property is reflected in Part F of the Form 26 AS under ‘Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]. This will give you details such as the TDS certificate number (generated by TRACES), name of deductee, PAN of deductee, acknowledgement number, total transaction amount, transaction date, TDS deposited, date of deposit, status of booking and date of booking.

Once the payment is reflected in 26AS as above, you will have to go to the TRACES again. Login to the website, and click on ‘Downloads’ tab. In the dropdown menu click on ‘requested downloads’. If no application has been made you will be asked to make a request for download, here fill in the acknowledgment number (nine digit number) which is reflected on Form 26AS Part F as mentioned above. Once this is done, you will be able to view the status of your application, which generates an application request number.

Within a couple of hours, the application gets processed and you will be able to view your Form 16B by putting in the request number which you have obtained. You can take a printout of the same for your records as well as for handing over to the seller of the property. A similar process has to be followed by the seller to obtain form 26QB.

The entire process is system driven and works very smoothly.

For more details, you may also want to visit the Tax Information Network site.

(Girish Borkar  is a Mumbai-based Chartered Accountant and can be reached at [email protected])



Srivatsa Kasturi

7 months ago

Hi, if a non resident has to pay and you access form 26 QB it says this is not applicable for non resident and directs us to form 27Q. This form is only for payment other than salaries to a non resident.. It asks for TAN number .. There seems to be no solution for non residents doing TDS..

Harshal Desai

10 months ago

I submitted Tds, does Tds challan has property address


2 years ago

I got the acknowledge number but the online payment failed and I do not have challan number. Can I use the same acknowledge number and make payment or I have to fill the form again and get a new acknowledge number.

Anil Misra

2 years ago

I filled up the wrong tds amount in the 26QB form.As I opted for offline payment,I still haven't made the payment.So could I fill in a fresh form as the acknowledgement number is valid only after the payment is made? Please advise.

Veena Murthy

2 years ago


Is there a way to correct last payment date in form 16b as it was mentioned wrongly while filling in the form 26qb.

Please suggest.

ratan mahadik

2 years ago

I failed to take print out at the time of filling tds on my personal laptop. so please guide me to how to take print out of 26Qb and 16B.

Mahesh Devadiga

3 years ago

How to rectify payment made in form 26QB on behalf of one transferor, whereas it should have been made proportionately to two transferors.
Please suggest.

Thanks & Regards
Mahesh Devadiga


3 years ago

Thankyou Sir....It will be more helpful for me...Thank You ..Thank you so much sir....


3 years ago

the password for opening Form16B is your dob in ddmmyyyy format

Anmol Ubale

3 years ago

Please let me know , is there any Final date or last date to fill TDS online if the property is purchased in 2013-14 year.

Maninder Prashar

3 years ago

Respected Sir/Ma'm,

I had purchased property amount exceeding 50L in Sep 2013 last year. I heard about 1% TDS on property for transaction amount exceeding 50L. Can you please let me know what is the last date for paying tax on the property purchased last year?

Thanks for your time.


Anmol Ubale

In Reply to Maninder Prashar 3 years ago

Hi Maninder,
Have u submitted TDS ? .. IF yes please let me know


3 years ago

I have purchase a flat and made the part payment prior to 1 june 2013. Do I have to deposit the TDS on the payment done after 1 June 2013 or on entire payment.
While filling the Form 26QB, I have to mention total amount paid. Is here I have to mentioned the payment done after 1 june 2013 or on entire payment till date.

Gaurav Sharma

3 years ago

HI, i have bough a property on Noida with agreement value of 59 Lacs but the seller bough it for 54 Lacs. TDS is due in any case, my question is that the seller has only paid 50% to the builder and the rest is due to pay to the builder which in my case i will be paying to the builder in near future.

Please suggest on which figure i should be paying the TDS on property value of seller purchase 54 Lacs? On agreement value of 59 lacs that is there between seller and i? or the total payment that seller has paid to the builder which is 30 Lac, as rest 28 is still pending to be paid to the builder as the property is on CLP plan.
PLease suggest


Anjana Krishnan

In Reply to Gaurav Sharma 3 years ago

Hi Gaurav,

As per my knowledge the 1% TDS would be on the amount you are gonna register for in the sale deed and the value cannot be less than the government value.

Hope this info helps

Gaurav Sharma

In Reply to Anjana Krishnan 3 years ago

Hey Anjana thanks for your reply.


3 years ago

Hi, I am paying the builder 75 lakhs @ Rs 3900/sft (and this is the value that is registered in the sale agreement). However the guidance value of Karnataka government is 48 lakhs @ Rs 2850/sft. We are registering the property @ 48 lakhs (lower than the value we are actually paying to the builder) to reduce the cost of stamp duty+registration.
Now the builder is saying that 1% TDS need not be paid as sale deed value is less than 50 lakhs. But the bank person is saying that 1% TDS needs to be paid as sale agreement value is greater than 50 lakhs. What should I do?


Anjana Krishnan

In Reply to abhikgiri 3 years ago

Hi Abhikgiri...

I am sharing this info from my recent experience. I had purchased the flat for 83 lakhs but the guidance value was 91 lakhs . So irrespective of the amount you purchase, you need to register only the guidance value and in your case you are lucky that the guidance value is lesser so there is no 1% TDS as its below 50 lakhs. The registered sale deed would be for 48 lakhs . So there is no requirement of 1% TDS.


3 years ago

we have purchased one property for a consideration of Rs 85 lacs. which was registered before 01/06/2013. i have paid Rs 60 lacs before till registration date. now we paid the balance amount does. on what amount we have to deduct the TDS. IT ONLY ON BALANCE AMOUNT THAT WE ARE PAYING NOW OR ON FULL AMOUNT OF 85 LACS 1%

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