Declare undisclosed income, assets by Sept 30, it's last chance: Modi

June 26, 2016

New Delhi, Jun 26: Sharing his thoughts with the nation through his 'Mann Ki Baat' radio programme, Prime Minister Narendra Modi on Sunday said the 'Beti Bachao, Beti Padhao' campaign has touched many lives and the results of various examinations show how women are excelling.

modiOn the occasion, PM Modi congratulated the country for having the first batch of women fighter pilots inducted into the Air Force. “On 18th June, first batch of women fighter pilots inducted in Air Force, we feel very proud, I congratulate them and their families,” he said.

“Yesterday in Pune I met college students who made one of the satellites that was launched by ISRO.

“This satellite signifies the skills and aspirations of the youth of India," PM Modi said.

He said that there was a need for more youth to choose science and research as their profession.

"I feel proud to see the contribution of our young students's contribution in the field of science and technology. I want more and more students of the country to ... and choose science and research as their profession," PM Modi said.

“The two satellites built by students and launched by ISRO are very important and special for me. This is a classic example of high ambitions of Indian youth,” he said his 21st edition of the Mann Ki Baat programme.

PM Modi said that the Indian Space Research Organisation (ISRO) had made the country proud.

"The matter of pride in the recent launch of the satellites was that 17 out of the 20 were the satellites of the foreign countries. Isn't this great. Our scientists are working hard to take our country to new heights," the prime minister stated.

“Like our farmers, our scientists too are working hard to take our country to new heights.

“For the last few weeks we have got positive news about rainfall in various parts of the nation.

“Scientists have forecast a good monsoon, I give my best wishes to my farmer brothers,” PM Modi said.

PM Modi also highlighted the success of the International Day of Yoga events across the world.

“Yoga has the power to connect the entire world, if only each one of us connect ourselves with Yoga. The International Yoga Day on June 21 was celebrated at over 1 lakh places in our country with enthusiasm,” he said.

PM Modi also asked people to declare their undisclosed income by September 30, making it clear that this is the last chance to avoid problems that will follow after the window of opportunity closes.

He said no questions would be asked about the source of the undisclosed income or assets if the declaration is made voluntarily by September 30.

"For those having undisclosed income, the government has provided a special chance to declare it by September 30," Modi said.

He said by paying a penalty, those having undisclosed money can free themselves from various kinds of burden.

"I have promised that there will be no inquiry into the source of the undisclosed income and assets if the declaration is made voluntarily. That is why I am saying it is a good chance for becoming a part of transparent system," he said.

"Let me tell the countrymen that this chance is till September 30. Consider this as the last chance," the Prime Minister asserted during the programme.

He said he has told BJP MPs that if anybody faces any problem after September 30 for not abiding by the rules, no help should be provided to them.

"It will be better that you take advantage of the window provided and save yourself from the difficulties that you can face after September 30," he said.

Modi said there was a time when taxation rules were such that people would tend to avoiding paying taxes.

"But gradually, times changed. Now, for a taxpayer, it is not much difficult to abide by the government rules. Still, old habits die hard," he said, adding there are still people who feel that it is better to avoid paying taxes.

"My plea is that by running away from rules, we lose our peace. Any small person can harass us. Why should we let it happen? Why not ourselves give correct information to the government about our income, about our wealth? For once, dispose off the baggage of the past. I appeal to my countrymen to get free from this," he said.

Comments

Suresh
 - 
Sunday, 26 Jun 2016

All our tax money already spend for foriegn tours. Even a signle deal is not happened by these tour. Instead of going on foriegn trip, we should be united and sstrong so that other countries should come to us. So no need to go there and convince them. Our Previous PM is one of the best PM to whom all other country Heads were asking guidence. By performing Yoga people can't live. People need basic things like food and water and shelter.

PK
 - 
Sunday, 26 Jun 2016

Cheddis and baba Ramdev should come forward first to disclose and be an example.... We look forward

Fakumodi
 - 
Sunday, 26 Jun 2016

Get lost. eaten our all tax money. now u want share in oue income also

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News Network
May 15,2020

Bengaluru, May 15: The novel coronavirus infection tally in Karnataka state on Friday crossed the 1,000-mark with 45 new positive cases.

The tally has risen to 1032 with 35 deaths.

At present, there are 520 active cases, while 476 have been discharged following recovery

A maximum of 16 new cases are from Dakshina Kannada, followed by 13 in Bengaluru Urban.

Five cases are from Udupi, three each from Hassan and Bidar, two from Chitradurga and one each from Bagalakote, Shivamoga and Kolara, respectively.

A three-year-old is among the six minor infected by the virus.

Among the new cases, nearly 20 have a travel history to Dubai, four to Mumbai, and three to Chennai.

The rest of the patients are contacts in the Containment zone and those who tested positive earlier.

Medical Education Minister Dr K Sudhakar said that there is no community transmission as yet.

New cases reported: 45

Total active cases: 520

Total discharges: 476

Total covid deaths: 35

Death of covid +ve patient due to Non-Covid cause: 1

Total positive cases: 1032

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coastaldigest.com news network
May 21,2020

Udupi, May 21: In a shocking development, as many as 27 fresh coronavirus positive cases were reported in the coastal district of Udupi today. 

Another shocker is, 16 among 27 covid-19 patients are children. The rest are six men and five women. 

Interestingly, all of them have inter-state travel history. 23 had come from Maharashtra and 3 from Telangana. Another one had come from Kerala to Manipal. More details are awaited.

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Agencies
January 1,2020

For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.

Indian banks wrote off a record $39 billion of loans in the 18 months through September in a bid to repair their balance sheets as they battled the world’s worst bad debt pile. Making matters worse, a shadow banking crisis led to a funding squeeze, crushing debt-laden businesses that were critically dependent on rollover financing.

“Life has come a full circle for tycoons that had enjoyed debt-fueled growth,” said Nirmal Gangwal, founder of distress and debt restructuring advisory firm Brescon & Allied Partners LLP. “Many firms collapsed like a house of cards. The downfall was rather unprecedented.”
The government has also been cracking down on economic crime to assuage public anger over absconding businessmen. It’s even barred some from traveling overseas if they were deemed a flight risk.

Here are some of the country’s biggest and most-storied businessmen who saw their fortunes fade. Spokespersons for none of these tycoons, except Essar, immediately replied to emails and text messages seeking comments.

Anil Ambani

The chairman of Reliance Group, which makes movies to metro lines, had a close shave with jail time in March before his elder brother and Asia’s richest man, Mukesh Ambani, bailed him out at the last minute. The woes of the ex-billionaire came to the fore when India’s top court asked him to pay Ericsson AB’s India unit about $77 million of past dues or go to jail since Anil Ambani, 60, had given a personal guarantee. His telecom carrier slipped into insolvency this year, while unprofitable Reliance Naval & Engineering Ltd. faced a cash crunch. Reliance Capital Ltd. is selling assets to pare debt. Ambani is also fending off Chinese lenders in a London court.

Malvinder & Shivinder Singh

Karma caught up with ex-billionaires and brothers Malvinder Singh, 47, and Shivinder Singh, 44, and how. Scions of a prominent business family, they once helmed India’s top drug maker and second-largest hospital chain. In October, the two were arrested on charges of fraudulently diverting nearly $337 million from a lender they controlled. India’s market regulator found in 2018 that the brothers had defrauded their hospital company of about $56 million. The collapse of the $2 billion empire turned brother against brother, prompting their mother to broker a peace deal that was short-lived. In February, Malvinder accused Shivinder and their spiritual guru of fraud.

Shashikant & Ravikant Ruia

After a hard-fought battle to keep their flagship steel mill, the first-generation entrepreneurs finally saw the bankrupt Essar Steel India Ltd. pass on to ArcelorMittal last month. The $5.9 billion takeover was almost two years in the making with multiple legal wrangles. The group, controlled by Shashikant Ruia, 76, and Ravikant Ruia, 70, were also reprimanded by a U.K. judge in March this year for concealing documents. Started in 1969 as a construction firm, Essar Group diversified, investing about $18 billion between 2008 and 2012, and piled on debt. In 2017, the group had sold another prized asset, Essar Oil.

Selling an asset to pare a liability shouldn’t be seen as a “lost asset,” an Essar spokesman said, adding that the group remains a diversified conglomerate.

VG Siddhartha

Before jumping off a bridge into a river in July in an apparent suicide, the founder of India’s biggest coffee chain Cafe Coffee Day had penned a letter that spoke of pressure from lenders, a private equity firm and harassment by tax officials. He had spent much of the last two years pledging ever more of Coffee Day Enterprises Ltd. shares to refinance loans for ever shorter periods, at ever higher interest rates. “I would like to say I gave it my all,” V.G. Siddhartha, 60, wrote in the letter. “I fought for a long time but today I gave up.”

Naresh Goyal

The former ticketing agent who built India’s largest airline by value, stepped down as chairman of Jet Airways India Ltd. in March, caving in to pressure from banks who took over the company. Cut-throat price wars and surging costs pushed Jet deeper into loss. The airline stopped flying in April and went into bankruptcy two months later as lenders failed to find a buyer. In July, an Indian court barred Naresh Goyal from flying overseas after the government said it was investigating an alleged $2.6 billion fraud involving Jet Airways.

Rana Kapoor

The founder of Yes Bank Ltd., which became India’s fourth-largest non-state lender, tweeted in September 2018 that his shares were invaluable and requested his children never to sell them upon inheritance. But trouble was brewing. The nation’s banking regulator, which found the lender had repeatedly under-reported its bad loans, refused to extend his tenure as chief executive officer. This forced Rana Kapoor, 62, to step down by end-January. Kapoor, who has pledged some of his Yes Bank shares in July, sold almost his entire stake in the lender by October.

Subhash Chandra

The rice trader-turned-media mogul, 69, who brought cable television into Indian homes in the early 1990s with his ZEE TV, resigned as chairman of Zee Entertainment Enterprises Ltd. in November and lost control of his crown jewel. Subhash Chandra has been selling stake in Zee Entertainment in the past few months to repay group’s debt.

Gautam Thapar

A default by Gautam Thapar, founder of the paper mill-to-power transmission Avantha Group, on pledged shares made Yes Bank Ltd. the biggest shareholder in CG Power and Industrial Solutions Ltd. In August, the firm was hit by an accounting scandal forcing the board to remove Thapar, 59, from the chairman’s post. A month later, the market regulator ordered a forensic audit of the firm and barred Thapar from accessing securities market.

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