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Amidst poll-preparations, IT raids several contractors across Karnataka

Agencies
April 24, 2018

Bengaluru, Apr 24: The Income Tax Department on Tuesday conducted searches on a number of contractors in poll-bound Karnataka in connection with a tax evasion probe, officials said.

They said the raids are being conducted against at least 11 contractors in Mysuru and Bengaluru by the investigation wing of the department.

These contractors are linked to public works jobs rendered by them on government tenders, they said.

The department had last week said, has that it has “gathered details of all contract payments made in the last quarter of the completed financial year in the state and is making a comparison with previous years for identifying abnormal cases.”

This data is being co-related with all bank transactions and available cash withdrawal intelligence, it had said.

It had said that as part of the enhanced alertness in the wake of the single-phase polling scheduled on May 12, the investigation wing of the department in Karnataka and Goa has “stepped up its surveillance and monitoring activities”.

In an instance unearthed recently, the department claimed a contractor in one of the districts of the state was searched and it was found that “he had made payments to another person who in turn had withdrawn cash from the amount transferred”.

“The cash withdrawn of Rs 55 lakh was seized and the contractor also admitted to concealment of Rs 16 crore,” it had said.

The counting of the votes for the 224-member Assembly is scheduled on May 15.

The EC has appointed a number of election expenditure observers in Karnataka, apart from other central observers, to keep a check on black money and illegal inducements used to bribe voters.

It had said that Rs 2,000 and 500 notes constitute 97 percent of the Rs 4.13 crore cash that the tax sleuths have seized in poll-bound Karnataka till now.

The revelation came in the backdrop of a cash crunch being witnessed across various regions in the country as a number of ATMs had gone dry.

Also Read: Siddaramaiah accuses Modi govt of misusing I-T department in poll-bound Karnataka

Comments

Kumar
 - 
Tuesday, 24 Apr 2018

Feku using his power against cong ruling states.

Sandeep
 - 
Tuesday, 24 Apr 2018

Modi ji started his work

Yogesh
 - 
Tuesday, 24 Apr 2018

Great doing Modi ji. See Modi ji seizing black money

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coastaldigest.com news network
May 19,2020

Udupi, May 18: As many as eight fresh coronavirus positive cases have been reported in coastal districts of Udupi and Uttara Kannada. 

No fresh positive case was reported in Dakshina Kannada since yesterday.

According to Health and Family Welfare Department, two men aged 38 and 24 years, an 8-year-old boy and a 24-year-old woman tested positive for coronavirus in Udupi district today. 

All of them were under quarantine after returning from Maharashtra recently. They were shifted to covid-19 hospital for treatment. With this the number of covid-19 positive cases in Udupi district mounted to 15.

Meanwhile, Uttara Kannada district also received a jolt with four more cases. Yesterday it had reported eight cases.

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News Network
February 2,2020

New Delhi, Feb 2: Budget 2020 announcement that insurance behemoth LIC will be listed was well received by market participants who said this will be "IPO of the decade" akin to the Saudi Aramco listing.

Finance Minister Nirmala Sitharaman on Saturday said Life Insurance Corporation (LIC) will be listed as part of the government disinvestment initiative.

A "highlight of the budget is the LIC IPO, which is akin to the Saudi Aramco listing for Indian capital markets, and will be IPO of the decade," Vijay Bhushan, President, Association of National Exchanges Members of India (ANMI) said.

According to Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, the LIC IPO will be a big positive for corporate governance and transparency and will open up one more avenue for fund raising for the government over the years.

Metropolitan Stock Exchange, Interim CEO, Balu Nair said: "The LIC listing will be eagerly awaited by investors and will provide huge fillip to capital raising through the primary market." The government proposes to sell a part of its holding in LIC through an initial public offer, Sitharaman said while presenting Budget 2020-21.

"The government will sell part of LIC through its listing in the stock market which is also a positive trigger for the market," Amit Gupta, CO-Founder and CEO, TradingBells.

Jaideep Hansraj, MD and CEO of Kotak Securities said listing of LIC would help bridge a gap in the Fiscal Deficit for FY21.

Currently, the government owns the entire 100 per cent stake in LIC.

Saudi Aramco shares were listed in December last year.

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News Network
July 6,2020

Bengaluru, Jul 6: Karnataka Chief Minister BS Yediyurappa on Monday said that the "country will have to learn to live with coronavirus as there are no options".

Yediyurappa made the remark after paying tribute to Babu Jagjivan Ram, on his death anniversary, at a ceremony in Vidhana Soudha.

"We don't have any other option, we have to learn to live with this virus. Even Prime Minister Narendra Modi has said the same thing. We have increased ambulances, we have made all arrangements to fight the pandemic. It is very important to safeguard ourselves," he said.

The Chief Minister added that the state government has made many arrangements to combat the widespread illness.

According to the Union Health Ministry, there is 23,474 number of COVID-19 cases in the state and 372 people have died due to the illness.

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