The Income Tax (IT) department has registered over 230 cases across the country under the new Benami Transactions (Prohibition) Amendment Act, 2016, officials said on Wednesday.

Along with registering the cases, the I-T department also attached assets worth Rs.55 crore, officials said further.

The Lok Sabha had in July last year passed the bill which seeks to amend the definition of 'benami' transactions, establish adjudicating authorities and an appellate tribunal.

The purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people. The bill also specifies prosecution and penalty for entering into benami, proxy transactions.

The new law, which replaces the 1988 Act, has 71 sections instead of 9 along with strengthened punishment clauses.
 

The Income Tax (IT) department has registered over 230 cases across the country under the new Benami Transactions (Prohibition) Amendment Act, 2016, officials said on Wednesday.

Along with registering the cases, the I-T department also attached assets worth Rs.55 crore, officials said further.

The Lok Sabha had in July last year passed the bill which seeks to amend the definition of 'benami' transactions, establish adjudicating authorities and an appellate tribunal.

The purpose of the bill is to discourage the activity of acquiring the properties in the name of fictitious and other people. The bill also specifies prosecution and penalty for entering into benami, proxy transactions.

The new law, which replaces the 1988 Act, has 71 sections instead of 9 along with strengthened punishment clauses.
 

The Bharatiya Janata Party (BJP) is running the central government in nexus with the RSS, VHP and corporate bodies, Tripura Chief Minister Manik Sarkar said here on Wednesday.

"The BJP-led central government is functioning in nexus with the RSS (Rashtriya Swayamsevak Sangh), VHP (Vishva Hindu Parishad) and corporate bodies. There is no connect between the government's promises and actions," he said.

Participating in a debate of the governor's speech in the state assembly, Sarkar said that due to demonetisation of high value currencies, the country's GDP would be reduced by 0.5 per cent to 1.5 per cent, leading to a loss of Rs.150,000 crore.

"Cashless transactions have been unsuccessful worldwide. Over 40 per cent less business was actually done in small, medium and large scale sectors due to demonetisation. An authoritarian governance has been functioning at the Centre," said Sarkar, also a politburo member of the Communist Party of India-Marxist.

He said that according to statistics tabled in Parliament, the death of farmers increased by 34 per cent while as per report of the labour bureau of India there are 22 to 23 crore unemployed people seeking jobs in the country.

"After the surgical strikes in Pakistan-occupied Kashmir, terrorism increased in Jammu and Kashmir and a large number of Indian soldiers become martyred," the Tripura chief minister added.

The Bharatiya Janata Party (BJP) is running the central government in nexus with the RSS, VHP and corporate bodies, Tripura Chief Minister Manik Sarkar said here on Wednesday.

"The BJP-led central government is functioning in nexus with the RSS (Rashtriya Swayamsevak Sangh), VHP (Vishva Hindu Parishad) and corporate bodies. There is no connect between the government's promises and actions," he said.

Participating in a debate of the governor's speech in the state assembly, Sarkar said that due to demonetisation of high value currencies, the country's GDP would be reduced by 0.5 per cent to 1.5 per cent, leading to a loss of Rs.150,000 crore.

"Cashless transactions have been unsuccessful worldwide. Over 40 per cent less business was actually done in small, medium and large scale sectors due to demonetisation. An authoritarian governance has been functioning at the Centre," said Sarkar, also a politburo member of the Communist Party of India-Marxist.

He said that according to statistics tabled in Parliament, the death of farmers increased by 34 per cent while as per report of the labour bureau of India there are 22 to 23 crore unemployed people seeking jobs in the country.

"After the surgical strikes in Pakistan-occupied Kashmir, terrorism increased in Jammu and Kashmir and a large number of Indian soldiers become martyred," the Tripura chief minister added.

The tax department will not carry out any further verification for cash deposits up to Rs.5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs.2.5 lakh for other individuals.

"There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetised currency in bank accounts between November 8 and December 30, 2016. Very clear thresholds have been set for tax department to take up deposits for verification. I repeat, it is for verification and not scrutiny or assessment," a senior Finance Ministry official said.

The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs.2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.

If the deposits match with previous income tax returns, the verification will be closed at that stage itself, he said adding only if a depositor does not verify, or there is suspicion on deposits not matching with known sources of income, will further clarifications be sought.

"The threshold for further verification of cash deposits is Rs.2.5 lakh for persons upto 70 years age, and Rs 5 lakh for taxpayers above 70 years where the source of such deposits is household savings and savings from past income and the individual does not have any business income," he said.

The official said that even the further non-statutory clarifications will be sought without issuing a show-cause or any notice. "No inquiry or third party verification will be initiated outside the e-verification."

The online verification of deposits made is being done to reduce compliance cost for persons under verification, he said.

Email and SMSes were sent to persons under verification for submitting online response on the e-filing, he said, adding those who have not yet registered on the e-filing portal must do so immediately.

The tax department will not carry out any further verification for cash deposits up to Rs.5 lakh made by people above 70 years of age post note ban, but the limit has been fixed at Rs.2.5 lakh for other individuals.

"There is absolutely no cause for panic. We are not going after everyone who deposited their holding of the demonetised currency in bank accounts between November 8 and December 30, 2016. Very clear thresholds have been set for tax department to take up deposits for verification. I repeat, it is for verification and not scrutiny or assessment," a senior Finance Ministry official said.

The official also said that these verifications are being sought to be done online and any person of up to 70 years of age, who has deposited more than Rs.2.5 lakh in cash, has to go to I-T department website and explain the source of deposit.

If the deposits match with previous income tax returns, the verification will be closed at that stage itself, he said adding only if a depositor does not verify, or there is suspicion on deposits not matching with known sources of income, will further clarifications be sought.

"The threshold for further verification of cash deposits is Rs.2.5 lakh for persons upto 70 years age, and Rs 5 lakh for taxpayers above 70 years where the source of such deposits is household savings and savings from past income and the individual does not have any business income," he said.

The official said that even the further non-statutory clarifications will be sought without issuing a show-cause or any notice. "No inquiry or third party verification will be initiated outside the e-verification."

The online verification of deposits made is being done to reduce compliance cost for persons under verification, he said.

Email and SMSes were sent to persons under verification for submitting online response on the e-filing, he said, adding those who have not yet registered on the e-filing portal must do so immediately.

Gearing up for the upcoming MCD polls, the Delhi State Election Commission (DSEC) has procured over 15,000 Electronic Voting Machines (EVMs) to be used in the municipal elections.

Municipal elections are likely to be held in second half of April and the model code of conduct will come in force in March.

"Post delimitation of wards, the process of realigning of polling booths has been set in motion. Each constituency will have a returning officer who will take care of the nuances," a DSEC official said.

"We have procured over 15,000 EVMs and now engineers will check them before they are put to use in the elections," he added.

As per the mandate, the municipal polls are required to be completed before April 27. However, the delay in the delimitation process had given ammunition to BJP and Congress to target the AAP government accusing it of delaying the civic body elections.

While the number of wards in each of the three corporations – 104 each in South Delhi Municipal Corporation (SDMC) and North Delhi Municipal Corporation (NDMC) – and 64 in East Delhi Municipal Corporation (EDMC) has remained unchanged, that in a few assembly segments has changed by numbers between three to seven.

Gearing up for the upcoming MCD polls, the Delhi State Election Commission (DSEC) has procured over 15,000 Electronic Voting Machines (EVMs) to be used in the municipal elections.

Municipal elections are likely to be held in second half of April and the model code of conduct will come in force in March.

"Post delimitation of wards, the process of realigning of polling booths has been set in motion. Each constituency will have a returning officer who will take care of the nuances," a DSEC official said.

"We have procured over 15,000 EVMs and now engineers will check them before they are put to use in the elections," he added.

As per the mandate, the municipal polls are required to be completed before April 27. However, the delay in the delimitation process had given ammunition to BJP and Congress to target the AAP government accusing it of delaying the civic body elections.

While the number of wards in each of the three corporations – 104 each in South Delhi Municipal Corporation (SDMC) and North Delhi Municipal Corporation (NDMC) – and 64 in East Delhi Municipal Corporation (EDMC) has remained unchanged, that in a few assembly segments has changed by numbers between three to seven.

The simplification of Indian laws and regulations towards ease of doing business has drawn "significant" interest from Chinese companies to make investments in the country, China's former Vice Foreign Minister Lu Xinhua said on Wednesday.

"The interest of Chinese companies in investing in India has enhanced significantly following the simplification of laws and regulations and the Indian government's determined stance to attract foreign direct investment (FDI)," Lu Xinhua said.

He was addressing the China-India business meeting for investment and trade organised by industry lobby Federation of Indian Chambers of Commerce and Industry (Ficci) in association with the Embassy of China in India.

"With globalisation, China and India have emerged as two attractive destinations for FDI. So, it is imperative for the two nations to grab the emerging opportunities," he said.

Lu is leading to India a high-powered business delegation from the Council for Promoting South-South Cooperation (CPSSC).

The delegation comprises representatives from diverse sectors such as finance, investment, railway construction, power generation, electronic products, project coordination, real estate, waste management, commerce, medical equipment, lighting, industrial cable, culture and education. 

The aim of the delegation members is to forge beneficial partnerships with their Indian counterparts, the former minister said.

Lu said he hopes that the business to business sessions organised between Indian and Chinese industry leaders would yield fruitful partnerships. 

Liu Jinsong, Minister Counsellor and Deputy Chief of Mission in the Chinese Embassy, said the issue of trade deficit between India and China needs to be addressed and therefore, promoting business, trade and investment is necessary between the two countries. 

The bilateral trade between India and China crossed $70 billion during 2015-16, while India's trade deficit with China stood at $53 billion. 

Of the total $288.51 billion FDI equity inflows that India received during April 2000-March 2016, China contributed $1.36 billion. 

The simplification of Indian laws and regulations towards ease of doing business has drawn "significant" interest from Chinese companies to make investments in the country, China's former Vice Foreign Minister Lu Xinhua said on Wednesday.

"The interest of Chinese companies in investing in India has enhanced significantly following the simplification of laws and regulations and the Indian government's determined stance to attract foreign direct investment (FDI)," Lu Xinhua said.

He was addressing the China-India business meeting for investment and trade organised by industry lobby Federation of Indian Chambers of Commerce and Industry (Ficci) in association with the Embassy of China in India.

"With globalisation, China and India have emerged as two attractive destinations for FDI. So, it is imperative for the two nations to grab the emerging opportunities," he said.

Lu is leading to India a high-powered business delegation from the Council for Promoting South-South Cooperation (CPSSC).

The delegation comprises representatives from diverse sectors such as finance, investment, railway construction, power generation, electronic products, project coordination, real estate, waste management, commerce, medical equipment, lighting, industrial cable, culture and education. 

The aim of the delegation members is to forge beneficial partnerships with their Indian counterparts, the former minister said.

Lu said he hopes that the business to business sessions organised between Indian and Chinese industry leaders would yield fruitful partnerships. 

Liu Jinsong, Minister Counsellor and Deputy Chief of Mission in the Chinese Embassy, said the issue of trade deficit between India and China needs to be addressed and therefore, promoting business, trade and investment is necessary between the two countries. 

The bilateral trade between India and China crossed $70 billion during 2015-16, while India's trade deficit with China stood at $53 billion. 

Of the total $288.51 billion FDI equity inflows that India received during April 2000-March 2016, China contributed $1.36 billion. 

Ruling BJD president Naveen Patnaik on Wednesday asked party MLAs not to be disheartened by the trends emerging from the Odisha Panchayat elections and take it as a wake-up call.

"You should not be disheartened by the reverse. I advise you to take this signal seriously as a wake-up call and get reconnected to the people and workers at the grassroots level," Patnaik, the Chief Minister of Odisha, told BJD MLAs while addressing the party's Legislature Party meeting ahead of the Assembly's budget session.

According to the trends available so far for the Panchayat polls, the ruling BJD might lose about 200 Zilla Parishad seats, while the opposition BJP could secure about 300 Zilla Parishad zones. Polling was held for 848 ZP seats.

BJD had secured 654 ZP seats in the 2012 Panchayat elections, while the BJP had just 36 seats.

"Make sure that all government welfare and development activities/programmes reach the people properly, effectively and efficiently," Patnaik said.

The BJD president, however, said his party has returned as the number one party in the state after the polls.

"Opposition parties are way behind the BJD. So the underlying message is, people do not want a change. They want you to perform even better in the areas where you have not met their expectations," Patnaik said.

Humility and simplicity are required in thought and action when dealing with people, he said adding "I hope you will never let down the belief and faith that the people of Odisha have in us."

Claiming that the trends indicate most of the Sarpanch, Panchayat Samiti and Ward Member candidates who had faith in BJD have won in large numbers, Patnaik said he was satisfied over the performance in some districts.

"But, I am seriously concerned at the poor performance of the party in certain districts in the Panchayat polls. I am not very happy with some MLAs who could not perform well.

There may be certain specific reasons for their failure, which needs to be seriously introspected," he said.

Ruling BJD president Naveen Patnaik on Wednesday asked party MLAs not to be disheartened by the trends emerging from the Odisha Panchayat elections and take it as a wake-up call.

"You should not be disheartened by the reverse. I advise you to take this signal seriously as a wake-up call and get reconnected to the people and workers at the grassroots level," Patnaik, the Chief Minister of Odisha, told BJD MLAs while addressing the party's Legislature Party meeting ahead of the Assembly's budget session.

According to the trends available so far for the Panchayat polls, the ruling BJD might lose about 200 Zilla Parishad seats, while the opposition BJP could secure about 300 Zilla Parishad zones. Polling was held for 848 ZP seats.

BJD had secured 654 ZP seats in the 2012 Panchayat elections, while the BJP had just 36 seats.

"Make sure that all government welfare and development activities/programmes reach the people properly, effectively and efficiently," Patnaik said.

The BJD president, however, said his party has returned as the number one party in the state after the polls.

"Opposition parties are way behind the BJD. So the underlying message is, people do not want a change. They want you to perform even better in the areas where you have not met their expectations," Patnaik said.

Humility and simplicity are required in thought and action when dealing with people, he said adding "I hope you will never let down the belief and faith that the people of Odisha have in us."

Claiming that the trends indicate most of the Sarpanch, Panchayat Samiti and Ward Member candidates who had faith in BJD have won in large numbers, Patnaik said he was satisfied over the performance in some districts.

"But, I am seriously concerned at the poor performance of the party in certain districts in the Panchayat polls. I am not very happy with some MLAs who could not perform well.

There may be certain specific reasons for their failure, which needs to be seriously introspected," he said.

They say beauty lies in the eyes of the beholder but when you visit West Bengal, beauty is everywhere. From Tagore’s writings to Netaji’s courage and determination, Bengal is an epitome of glorious history and rich culture.

The capital of the state got renamed to Kolkata from Calcutta but what remained the same is the vibe of this city. Since British Raj this city has been an important place and still continues to be. Like a treasure chest, Kolkata, the City of Joy houses the rich heritage of the country.

Every nook and corner of this place will make you travel back in time. From age-old traditions to places and incidents from pre-independence era, everything is intact in the streets and roads of this place.

BT road, the oldest metalled road of India, is still one of the busiest roads in the country. Chinatown is still one of the most happening places Howrah bridge stands tall and strong since ages and kaali peeli taxis are still the lifeline of this busy city.

There is so much to see and experience in this city. Here are a few things that you must do when you visit the city.

Ride the Tram: Kolkata is the only city in India where one can ride the tram. There are some new carriages now but there are some vintage carriages which will give you the old-city feel. Hop on to one of those and let history do the storytelling.

Ride hand-pulled rickshaws: Kolkata is one of the few places in the world where hand-pulled rickshaws run on a commercial basis. Although these were banned a few years ago, the rickshaw-pullers continued to carry passengers to continue to earn a livelihood.

Take a walk to Kumortuli: The word Kumortuli means area of clay artisans in Bengali language. This is where they make exceptionally beautiful clay idols of Hindu gods and goddesses for festive worshiping at various times of the year. These idols are even exported to different parts of the world. Situated in north Kolkata, this area leaves one awestruck at every step.

Dance in Durga Pooja: For any Bengali, the yearly calendar revolves around this mother of all festivals, which usually takes place in the month of October. This four-day Durga Pooja (worshipping of Goddess Durga) is religious and an occasion to have a blast. Pooja pandals (marquees) are set up across the state which houses the idols of Durga and her four children which will take your breath away. This is one of the must-do things in Kolkata.

Dance the night away in Park Street: Experience the majestic and shiny night life of Kolkata at Park Street where several nightclubs and pubs remain open and have outlets all over the city. The night-life culture began here and this place still packs a punch. Explore the clubs and shake a leg in here. If you are into live music, 'Someplace Else' is just the place for you. Try the chicken a la Kiev at 'Mocambo' and the Chelo Kebab at 'Peter Cat'.

Take in the energetic vibe of this city and gulp in the sweetness that it offers in the form of smiles, hospitality, rasgullas and mishti doi.

They say beauty lies in the eyes of the beholder but when you visit West Bengal, beauty is everywhere. From Tagore’s writings to Netaji’s courage and determination, Bengal is an epitome of glorious history and rich culture.

The capital of the state got renamed to Kolkata from Calcutta but what remained the same is the vibe of this city. Since British Raj this city has been an important place and still continues to be. Like a treasure chest, Kolkata, the City of Joy houses the rich heritage of the country.

Every nook and corner of this place will make you travel back in time. From age-old traditions to places and incidents from pre-independence era, everything is intact in the streets and roads of this place.

BT road, the oldest metalled road of India, is still one of the busiest roads in the country. Chinatown is still one of the most happening places Howrah bridge stands tall and strong since ages and kaali peeli taxis are still the lifeline of this busy city.

There is so much to see and experience in this city. Here are a few things that you must do when you visit the city.

Ride the Tram: Kolkata is the only city in India where one can ride the tram. There are some new carriages now but there are some vintage carriages which will give you the old-city feel. Hop on to one of those and let history do the storytelling.

Ride hand-pulled rickshaws: Kolkata is one of the few places in the world where hand-pulled rickshaws run on a commercial basis. Although these were banned a few years ago, the rickshaw-pullers continued to carry passengers to continue to earn a livelihood.

Take a walk to Kumortuli: The word Kumortuli means area of clay artisans in Bengali language. This is where they make exceptionally beautiful clay idols of Hindu gods and goddesses for festive worshiping at various times of the year. These idols are even exported to different parts of the world. Situated in north Kolkata, this area leaves one awestruck at every step.

Dance in Durga Pooja: For any Bengali, the yearly calendar revolves around this mother of all festivals, which usually takes place in the month of October. This four-day Durga Pooja (worshipping of Goddess Durga) is religious and an occasion to have a blast. Pooja pandals (marquees) are set up across the state which houses the idols of Durga and her four children which will take your breath away. This is one of the must-do things in Kolkata.

Dance the night away in Park Street: Experience the majestic and shiny night life of Kolkata at Park Street where several nightclubs and pubs remain open and have outlets all over the city. The night-life culture began here and this place still packs a punch. Explore the clubs and shake a leg in here. If you are into live music, 'Someplace Else' is just the place for you. Try the chicken a la Kiev at 'Mocambo' and the Chelo Kebab at 'Peter Cat'.

Take in the energetic vibe of this city and gulp in the sweetness that it offers in the form of smiles, hospitality, rasgullas and mishti doi.

They say beauty lies in the eyes of the beholder but when you visit West Bengal, beauty is everywhere. From Tagore’s writings to Netaji’s courage and determination, Bengal is an epitome of glorious history and rich culture.

The capital of the state got renamed to Kolkata from Calcutta but what remained the same is the vibe of this city. Since British Raj this city has been an important place and still continues to be. Like a treasure chest, Kolkata, the City of Joy houses the rich heritage of the country.

Every nook and corner of this place will make you travel back in time. From age-old traditions to places and incidents from pre-independence era, everything is intact in the streets and roads of this place.

BT road, the oldest metalled road of India, is still one of the busiest roads in the country. Chinatown is still one of the most happening places Howrah bridge stands tall and strong since ages and kaali peeli taxis are still the lifeline of this busy city.

There is so much to see and experience in this city. Here are a few things that you must do when you visit the city.

Ride the Tram: Kolkata is the only city in India where one can ride the tram. There are some new carriages now but there are some vintage carriages which will give you the old-city feel. Hop on to one of those and let history do the storytelling.

Ride hand-pulled rickshaws: Kolkata is one of the few places in the world where hand-pulled rickshaws run on a commercial basis. Although these were banned a few years ago, the rickshaw-pullers continued to carry passengers to continue to earn a livelihood.

Take a walk to Kumortuli: The word Kumortuli means area of clay artisans in Bengali language. This is where they make exceptionally beautiful clay idols of Hindu gods and goddesses for festive worshiping at various times of the year. These idols are even exported to different parts of the world. Situated in north Kolkata, this area leaves one awestruck at every step.

Dance in Durga Pooja: For any Bengali, the yearly calendar revolves around this mother of all festivals, which usually takes place in the month of October. This four-day Durga Pooja (worshipping of Goddess Durga) is religious and an occasion to have a blast. Pooja pandals (marquees) are set up across the state which houses the idols of Durga and her four children which will take your breath away. This is one of the must-do things in Kolkata.

Dance the night away in Park Street: Experience the majestic and shiny night life of Kolkata at Park Street where several nightclubs and pubs remain open and have outlets all over the city. The night-life culture began here and this place still packs a punch. Explore the clubs and shake a leg in here. If you are into live music, 'Someplace Else' is just the place for you. Try the chicken a la Kiev at 'Mocambo' and the Chelo Kebab at 'Peter Cat'.

Take in the energetic vibe of this city and gulp in the sweetness that it offers in the form of smiles, hospitality, rasgullas and mishti doi.

Deepika Padukone, who is flaunting new looks every day, was spotted shooting for a new campaign in Mumbai.

"Deepika has been a long-standing popular face of Lux. Now that she is back in Mumbai, she has shot for a very special commercial for the brand," sources close to her revealed.

The fresh campaign revolves around Deepika Padukone's personality and how she is in real life. It centres around the fact that even though she is an extremely successful actor she is so down to earth, the sources said.

Deepika, who made waves in Hollywood with xXx: Return of Xander Cage would be next seen in Sanjay Leela Bhansali's Padmavati, which is slated to release later in 2017.

Deepika Padukone, who is flaunting new looks every day, was spotted shooting for a new campaign in Mumbai.

"Deepika has been a long-standing popular face of Lux. Now that she is back in Mumbai, she has shot for a very special commercial for the brand," sources close to her revealed.

The fresh campaign revolves around Deepika Padukone's personality and how she is in real life. It centres around the fact that even though she is an extremely successful actor she is so down to earth, the sources said.

Deepika, who made waves in Hollywood with xXx: Return of Xander Cage would be next seen in Sanjay Leela Bhansali's Padmavati, which is slated to release later in 2017.