Real Estate : NRIs Can Purchase Any House in India, Rules NCDRC
South Delhi residents, Reshma Bhagat and her son Tarun Bhagat, had paid Rs63,99,727 to Supertech in 2008 for a flat in Greater Noida. The possession of the flat was to be given by December 2009. Supertech, however, did not construct the flat and the complainants approached the NCDRC (National Consumer Disputes Redressal Commission) seeking Rs1.40 crore from the firm, including interest and damages.
 
Supertech opposed the complaint claiming that the flat was booked in the name of Tarun, an NRI (non-resident Indian), and that it was not for residing purpose but solely to earn profit. He could not claim to be a consumer himself. The Commission rejected Supertech’s contention saying that there is no rule that says NRIs cannot own property in India. NCDRC directed Supertech Ltd to pay Rs63,99,727 to the complainants.
 

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Mutual Funds : MF Investors Can Now Use Aadhaar Number for Identity Proof
To make it easier for investors to buy or sell mutual fund (MF)  products, fund houses are offering the facility of investing by using the Aadhaar number. Investors can invest online in mutual fund products even if they are not know your client (KYC) compliant. The amount invested by the client should not exceed Rs50,000 per financial year.  
 
The move comes after the Securities and Exchange Board of India (SEBI) issued guidelines to change the existing norms for investing in mutual funds. SEBI had said that fund houses and market intermediaries could verify the credentials of their clients with the Unique Identification Authority of India (UIDAI). However, it would be on voluntary basis. 
 
Quantum MF is already off the block. Others are likely to follow suit.

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Tax : Scamsters Could Take You for a Ride, Warns I-T Department

The income-tax department cautioned taxpayers not to share their PIN or password of emails, saying that it never asks for such details. In a statement, the department said that it wants to ensure that taxpayers are aware that the department does not seek confidential or financial information of the taxpayer over email. “The Income Tax Department never asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail… The I-T Department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank etc,” it said.

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