V
V.Balasubramani
Guest
[h=1]Black Money hoarders, corrupt crooks, benami transactions, hawala, etc are hope to have a tough time….[/h][h=1]Anti-black money drive: After demonetisation, properties without KYC compliance to be seized[/h]Real estate observers say this is what PM Narendra Modi meant in his Goa speech on Sunday when he said more anti-black money measures are on on their way
Here’s a warning to corrupt crooks living in ivory towers built on black money — the Modi government is coming after you. A day after PM Narendra Modi delivered a fiery speech indicating he was not done cleaning out corruption, real estate experts predict that his next move could end up shaking the very foundation of black money — benami property dealings.
Thousands of crores of black money is thought to be parked in benami property deals. The rich and corrupt have been known to park their excess funds in real estate by using a frontman in order to evade questions about the size or source of their wealth.
Property experts believe that the Modi government will target this menace by imposing a mandatory Know Your Customer (KYC) registration for all such deals. The move will make it compulsory for all property owners (commercial, residential and even plots of land) to identify themselves before the government. Those who are found to possess benami properties and refrain from identifying themselves will face time in prison and the properties will also be wrested from them.
Read more at: http://www.mid-day.com/articles/dem...m-narendra-modi-goa-black-money-news/17758170
Here’s a warning to corrupt crooks living in ivory towers built on black money — the Modi government is coming after you. A day after PM Narendra Modi delivered a fiery speech indicating he was not done cleaning out corruption, real estate experts predict that his next move could end up shaking the very foundation of black money — benami property dealings.
Thousands of crores of black money is thought to be parked in benami property deals. The rich and corrupt have been known to park their excess funds in real estate by using a frontman in order to evade questions about the size or source of their wealth.
Property experts believe that the Modi government will target this menace by imposing a mandatory Know Your Customer (KYC) registration for all such deals. The move will make it compulsory for all property owners (commercial, residential and even plots of land) to identify themselves before the government. Those who are found to possess benami properties and refrain from identifying themselves will face time in prison and the properties will also be wrested from them.
Read more at: http://www.mid-day.com/articles/dem...m-narendra-modi-goa-black-money-news/17758170
