Taxation
Rs6 crore cash, 7kg gold haul in Bengaluru tax raids
In surprise raids in Karnataka, Income Tax officials found and seized a whopping Rs 6 crore in cash and 7kg gold from the residences of two state government engineers and two contractors in the city, said an official on Thursday.
 
"Of the Rs.6 crore cash haul, Rs.4.7 crore were the Rs 2,000 new notes, Rs 30 lakh in the old Rs 500 notes and Rs 1 crore in lower denominations such as Rs 100 and Rs 50," said Alex Mathew, Income Tax Officer of Karnataka in a statement here.
 
The 7 kg bullion valued at Rs 2 crore were found in a flat of a civil contractor.
 
The major haul was from a posh flat of Public Works Department engineer S.C. Jayachandra at upscale Sanjaynagar in the city's northwest suburb.
 
"A search action was initiated on Wednesday by the investigation directorate in the case of two engineers and connected persons in Bengaluru, Chennai and Erode, in which the new notes and bullion are learnt to have been obtained by exchange of demonetised notes by payment of commission," said Mathew in the statement.
 
The investigation is in progress and the search action is continuing in 10 premises across the three cities, including two in the neighbouring Tamil Nadu state.
 
The seizure of the new currency notes of Rs.2,000 is said to be the highest since it was introduced after the November 8 demonetisation of Rs 500 and Rs 1,000 notes.
 
The sleuths also attached a Lamborghini and Porsche limousines of Jayachandra, parked in the basement of his multi-storey apartment.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

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Nifty, Sensex may dip in the short-term: Thursday closing report

Profit booking, along with a political logjam in Parliament over the demonetisation drive and lower European markets, subdued the Indian equities markets on Thursday. Weak European cues and domestic liquidity concerns also caused selling pressure. Higher global crude oil prices, buoyant Asian markets, appreciation in rupee and largely positive macro-economic data arrested any major fall. 

The Nifty of the National Stock Exchange (NSE) edged lower by 31.60 points or 0.38 per cent to 8,192.90 points. The Sensex touched a high of 26,769.32 points and a low of 26,540.82 points during the intra-day trade. The BSE market breadth was skewed in favour of the bears - with 1,406 declines and 1,149 advances.

 
Pharmaceutical stocks rallies after the Delhi High Court today quashed the government's notification in March, which had banned 344 fixed-dose drugs. The government had banned the drugs citing concerns over lack of any therapeutic justification and health risks.
 
Telecom stocks like Bharti Airtel, Idea Cellular and Reliance Communications lost ground after Reliance Jio Chairman Mukesh Ambani said starting December 4, all subscribers will get voice, data, video and full bouquet of other Jio applications free till March 31, 2017. The scheme is called "Jio Happy New Year offer".
 
Bank Nifty lost 1 percent as ICICI Bank, Bank of Baroda, PNB, SBI and Axis Bank declined 1-2 percent. Asian Paints shed 3 percent on profit booking. Mumbai-based construction company HCC surged 20 percent as it will get 75 percent arbitral award amount of around Rs 2,000 crore in 4-6 weeks. Auto sales were mixed in November.
 
Aviation stocks like SpiceJet, Jet Airways and InterGlobe Aviation plunged 2.5-4 percent despite jet fuel prices cut by 3.7 percent (Rs 1,881) to Rs 48,379/kL in Delhi. This was because of a sharp rally in crude oil yesterday.
 
The top gainers and top losers of the major indices are given below:
 
 
Asia closed higher with the Japan's Nikkei rising 1 percent as regional manufacturing surveys led by China beat expectations. Brent crude oil futures gained 1 percent on top of 8.8 percent rally in previous session after OPEC and Russia agreed to restrict production.
 
The closing values of the major Asian indices are given in the table below:
 
 

 

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Mumbai must look beyond potholes issue, says Ajoy Mehta
Ajoy Mehta, the Commissioner of Municipal Corp of Greater Mumbai (MCGM) or BrihanMumbai Municipal Corp (BMC) was invited by the Mumbai Press Club to present his vision on making Mumbai a World Class City. Haven’t we heard this line for more than two decades? Is there any wonder that his vision came out practically only through the question and answers?
 
Almost immediately, after he began to talk, promptly he said that there is nothing more important to Mumbai than the Coastal Road. 
 
He also said that BMC cannot be sticking to only potholes issue and must look beyond. While most of the question hovered around punishing the defaulting contractors and tenders greeting ready for fresh works on road contracts, defaulting contractors will be criminally liable for poor quality of roads. He also said that MCGM had located some 350 chronic pothole locations and will be addressing them to target zero potholes in the coming years.
 
MCGM is now planning to recycle wastewater for gardening and flushing. The Municipal Corp is also planning four hospitals in the suburban Mumbai even as it is concentrating on providing primary treatment, Mr Mehta said.
 
He concurred when pointed out that with 95% of population walking on the roads, their safety and comfort was being compromised by keeping footpaths in appalled state. Until being pointed out that debris from public works encroached the footpath, he held the view that it was encroached by roadside vendors.
 
On the whole, the Municipal Commissioner had hardly placed his vision of making Mumbai into a global city.
 
(Sudhir Badami, an IIT Bombay graduate in Civil & Structural Engineering is a Transportation Analyst. He has extensively worked in planning and design of Civil and Structural Works including tower building structures, stacks and process columns as well as flexibility analysis of piping systems and challenging erection planning of structures and equipment. He was on Government of Maharashtra’s Steering Committee on BRTS for Mumbai and MMRDA’s Technical Advisory Committee on BRTS for Mumbai.)

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COMMENTS

Mrunal K. Asher

2 days ago

Very much disappointing comments! We can look beyond the road potholes if BMC is doing the adequate things to keep smooth roads with no potholes, adequate pavements for the common men to walk comfortably & safely with cleanliness around. Years after years, BMC has been failing on this count with wrong appointment of contracters and the money wasted. The Chief can't turn away his responsibility and talk like a typical politician! Loosing the respect...

Ramesh B Mhadlekar

3 days ago

Tomorrow he will say we should look beyond corruption .

Silloo Marker

3 days ago

If Municipal Commisioners would try to walk around the city, one small area at least once a week, they would soon know the ground realities. But IAS babus wouldn't risk getting their shoes soiled by stepping out of their AC vehicles and perhaps straight into a pile of shit, which is what we often face if we try to park in the commercial centre of Mumbai Meri Jaan. The coastal road is being touted as the solution to all ills but is actually being pushed by the big-builder lobby which is now focusing on the far suburbs to set up luxury condos. How else will the crorepatis buying those fancy homes travel fast enough to come to work in South Bombay? After all, election funding is largely done by the builders and they do want their pound of flesh. It is a win-win situation for the government, the BMC, private engineers who will get those huge contracts and the builders. Who cares about the environmental damage and the loss of livelihood of the small fisherman dependant on the coastal waters?

Mahesh Soneji

3 days ago

Sir, everyone, all Mumbai kar wish to certainly look beyond potholes but BMC unfortunately could not bring such fortunes to them. Trust and fervently hope, it will happen soon.

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