4,000 millionaires left India in 2015'

[email protected] (CD Network)
March 30, 2016

New Delhi, Mar 30: India has seen the fourth biggest outflow of high net worth individuals globally in 2015 with shifting of 4,000 millionaires overseas, says a report.

lifeAccording to a report by New World Wealth, some 4,000 uber-rich Indians have changed their domicile in 2015, while France saw the maximum outflow of millionaires with as many as 10,000 super rich leaving the country.

The report however noted that the migration of super rich from China and India is not a "concern".

"The outflows from India and China are not particularly concerning as these countries are still producing far more new millionaires than they are losing," the report said and added that "once the standard of living in these countries improves, we expect several wealthy people to move back".

In terms of countries ranked by millionaires outflow, France was followed by China in the second place with 9,000 millionaires leaving the country while for Italy, at third position, the figure stood at 6,000.

On France, the report said, the country is being heavily impacted by rising religious tensions between Christians and Muslims, especially in urban areas.

"We expect that millionaire migration away from France will accelerate over the next decade as these tensions escalate," the report said.

It further noted that other European countries where religious tensions are starting to emerge such as Belgium, Germany, Sweden and the UK will also be negatively affected in the near future.

Other countries that saw significant millionaire outflows include Greece (3,000), while Russian Federation, Spain and Brazil saw 2,000 such outflows each.

In terms of millionaire inflows, Australia topped the chart as it saw as many as 8,000 uber rich people shifting base there, followed by the US(7,000) and Canada (5,000) in the second and third place respectively.

Millionaires, otherwise known as 'high net worth individuals' or 'HNWIs' refer to individuals with net assets of USD 1 million or more excluding their primary residences.

Comments

Satyameva jayate
 - 
Wednesday, 30 Mar 2016

Vikaas of modiji

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 4,2020

Bengaluru, Mar 4: The Karnataka High Court has issued a notice to the state government in connection with the denial of retirement benefits to a retired deputy commissioner of commercial taxes who had fought against the illegal iron ore lobby.

Justice G Narendra also directed the state to respond to the notice before March 9, stating the reasons for withholding the officer’s retirement benefits.

Advocate Ramananda, appearing for the retired officer Josephat Andrews, explained that the single-judge bench also warned the government of stringent action.

Petitioner Josephat Andrews said his retirement benefits amounting to Rs 25.88 lakh were being withheld since 2014.

In 2009, Andrews detected a huge scam involving Vijaya Leasing, a company associated with former minister Gali Janardhan Reddy. Immediately he wrote to his higher officials explaining to them how the department was owed Rs 1,400 crore in taxes by the company. Immediately after that, Andrews was transferred to Bengaluru.

The media exposed the scam in 2012. Thereafter, to harass the officer, Andrews was served notice for allegedly not conducting an inspection of M/s Vijaya Leasing, which was controlled by the family of then tourism minister Gali Janardhana Reddy, on July 11, 2012.  He was discharged by a full departmental enquiry.

The petitioner was issued a second show cause notice on Jan 29, 2014 on the same charges. Before his retirement, he was docked two increments, denied promotional benefits and his pension was reduced without following due process.

He was served yet another notice with charges that he did not inspect goods vehicles, and an order was passed on April 30, 2019 reducing his pension by 5 per cent, an unprecedented punitive action.

This order was quashed by the Karnataka Administrative Tribunal (KAT), which also ordered payment of retirement benefits to Andrews within five months. However, the benefits were not released to him.  

“Rule 214 of the Karnataka Civil Services Rules (KCSR) make it clear that no enquiry can be held four years after an officer’s retirement.  Belying all statutory rules and precedents of the Supreme Court, Josephat Andrews’ retirement benefits were withheld for five years. Andrews therefore approached the High Court,” advocate Ramananda explained.

Josephat Andrews recalled to Deccan Chronicle that although mining activity was in full swing in 2008, the commercial tax department maintained that it had nothing to do with mining. “I travelled to Gujarat, Maharashtra and Bellary to investigate. I found tax evasion of thousands of crores. When I visited M/s the Vijaya Leasing facility – it was operating from an old oil mill premises–within 20 minutes I got calls from Ali, a person claiming to be the personal assistant of Gali Janardhan Reddy. He told me to get out of the premises as it belonged to his boss. Then calls came from minister Sreeramulu and MLA Nagendra. 

Within minutes 200-300 rowdies gathered around the building and my superior asked me to come back. Instead of filing a police complaint and forming a special team to deal with the situation, the department transferred me to Bengaluru,” he explained.

Talking about the High Court directive, Josephat Andrews said, “I have suffered a lot. Instead of getting a reward for increasing revenues by Rs 2,000 crore, I was punished.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
February 3,2020

Mangaluru, Feb 3: After neighbouring reported the second confirmed case of dreaded Coronavirus, the government of Karnataka today ordered high alert across border districts including Dakshina Kannada.

Apart from Dakshina Kannada, district administrations in Kodagu, Chamarajanagar and Mysuru that share boundary with Kerala have been put on high alert over the movement of people with suspected cases.

In a statement released on Monday, the Health and Family welfare department said that these districts have been directed to immediately report to the State Surveillance Unit (SSU) if they come across any suspected cases of people infected with Coronavirus.

Currently, about 51 people who returned from Coronavirus-affected regions have been identified and 46 are under home isolation across Karnataka.

So far, 44 samples have been sent to the National Institute of Virology, Pune for analysis and out of which 29 samples have revealed negative results. Yet, the state government has put in all possible measures to check the spread of the virus in any part of the state.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 16,2020

Bengaluru, Jul 16: Eminent theatre personality and renowned vocalist Dr Subhadramma Mansur who had won many awards including the prestigious Karnataka Rajyotsava award died on Wednesday night, according to her family.

She was 81 and is survived by two sons and a daughter.

The family said she developed severe respiratory problems last night following which she was rushed to hospital, but died on the way.

Condoling her death, Chief Minister B S Yediyurappa said Dr Mansur had contributed to the theatre world for five decades. He also recalled her devotion to music as an eminent vocalist.

"I pray for her soul to rest in peace and strength to the family to bear the irreparable loss," the Chief Minister said in his message posted on Twitter.

The veteran theatre personality from Ballari earned recognition for her roles in mythology-based dramas.

Connoisseurs of stage performances recall her memorable portrayal of Draupadi, a character from the Mahabharata.

Her depiction of Hemareddy Mallamma left a deep imprint on the audience.

Many awards were bestowed on her including the Rajyotsava Award, Nataka Akademi and Gubbi Veeranna Award and an honorary doctorate by the Srikrishna Devaraya University

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.