Flight chartered by SAQCO brings stranded Kannadigas from Dammam to Mangaluru

Mumbai, Feb 12: The Income Tax department's Criminal Investigation wing has identified 2,000 Indian citizens who hold properties in Dubai but had failed to declare it in their IT returns.

In its ongoing crackdown on black money, the agency has identified Indian citizens who purchased properties in Dubai but failed to declare and explain the source of funds used to purchase these properties.

In the past few years, people have used shell companies to route illegal money and buy overseas properties to evade income tax.

However, the tax department has now increased its efforts to track down those involved in major tax evasion cases.

The 2,000 persons and companies identified mainly include businessmen, top professionals, and government officials.

The IT department will initiate action against the accused under the Black Money Act.

Citizens who own properties outside the country but fail to declare the source of funds or income used for the purchase could be prosecuted under the Black Money Act.

Under Section FA (Foreign Assets) of the Income Tax Act, an individual has to declare purchase and ownership of properties, assets, companies owned outside the country while filing the income tax returns annually.

In the recent drive against black money, the IT department identified 2,000 Indian nationals who failed to provide information on the same while filing IT returns.

Of the 2,000 citizens owning properties in Dubai, around 600 could not furnish details regarding purchase details.

Those who haven't been able to explain the source of funds used for the purchase of properties could be prosecuted and their properties can be attached by the agency.

Other than the attachment of the property, they can face a monetary penalty up to 300 per cent of the property value and also face imprisonment under the Black Money Act.

The properties owned by Indians in Dubai raised red flags as this pattern of parking money is used by money launderers, smugglers, underworld gangsters and drug traffickers for making payments.

It is worth mentioning that of the 2,000 citizens identified, most are residing in Mumbai, followed by Kerala and Gujarat.

The clause under section FA (foreign Assets) came into effect in the year 2011-12 and it is mandatory for people owning properties outside India to declare it in their IT returns.

Those identified by IT department could also face action under FEMA (Foreign Exchange Management Act) by the Enforcement Directorate under Section 4.

Recently the Enforcement Directorate (ED) launched a crackdown on black money parked overseas by tracking and identifying immovable assets bought overseas by Indian nationals illegally.

The move is being carried out under rules laid down under Section 4 of FEMA (Foregn Exchange Manipulation Act), 1999. Section 4 of FEMA states that no person resident in India shall acquire, hold, own, possess or transfer any foreign exchange, foreign security or any immovable property situated outside India.

On January 17, the Enforcement Directorate (ED) conducted searches at the residence of a former chief engineer of Brihanmumbai Municipal Corporation (BMC) in connection with an inquiry related to FEMA.

In the raids, the ED officials recovered documents related to the purchase of a property in Dubai in an allegedly illegal manner.

The ex-BMC chief engineer was posted with some of the most crucial wings of the municipal corporation -- the building proposal department and development plan department.

The agency did not disclose the name of the ex-BMC chief engineer but it has been learnt that he had superannuated around seven years ago from the municipal corporation.

ED, in a statement, said incriminating documents with regard to illegal acquisition of a property held in Dubai was recovered during the search operation.

The former BMC chief engineer has stated that he had purchased the property in Dubai at 'Park Island, Bonaire Marsa, Dubai' for Rs 70 lakh in 2012. The property is held jointly in his name, his spouse and son.

The retired BMC officials could not furnish any documents which would help ascertain the value of the property and also could not provide details on how the payments were made to buy the property in Dubai.

The citizens identified by the IT department recently also adopted a similar route to buy property in Delhi. It remains to be seen how the income tax department plans to penalise them.

Bengaluru, Feb 25: Infosys is all set to announce a cyber defence centre in Indianapolis to complement its technology and innovation centre inaugurated early last year.

This will be Infosys' seventh global cyber defence centre. According to its recent cybersecurity report titled 'Assuring Digital Trust,' 83 per cent of executives view cybersecurity as critical, yet 67 per cent are still struggling to have security embedded.

The cyber defence centre will provide end-to-end, real-time, 24x7 cyber security monitoring and protection services to support and guide American businesses in their digital transformation journey, it said.

The facility is dedicated and organised to prevent, detect, assess and respond to cybersecurity threats and breaches.

Client environment will be monitored round the clock, adopting a follow-the-sun model to deliver services like 24x7 security monitoring, management and remediation, threat hunting, security analytics, incident discovery and response, compliance reporting and malware analysis.

Vishal Salvi, Chief Information Security Officer and Head of Cyber Security Practice at Infosys, said the cyber defence centre is staffed with expert security analysts with niche skills around threat research and intelligence gathering to deliver best-in-class services to customers.

"Additionally, advanced data analytics and machine learning models are deployed to detect zero-day threats by unknown threat actors. This supports our commitment to helping our customers build a resilient cybersecurity programme that operates at scale while increasing operational efficiency and reducing costs," he said in a statement.

Mangaluru, May 5: Even though India is all set to bring back Indian nationals stranded abroad through special commercial flights, no flights have been arranged for the repatriation Kannadigas stuck in Kingdom of Saudi Arabia in the first phase (May 7 to May 14). However a few flights will fly from Saudi to Kerala and Delhi.

The government is likely to introduce flights from Saudi Arabia to Karnataka (Bengaluru and Mangaluru Airports) in second or third phase.

Fill the Form

All Indian nationals in Saudi Arabia who seek repatriation are supposed to fill form in the following link: https://t.co/K5Hbmr4cFP 

Meanwhile, the Indian Embassy in Riyadh has clarified that the purpose is only to collect data and no decision has been taken yet regarding resumption of flights.

High airfare

Even though some GCC governments paid the ticket fares to bring back their citizens, the government of India has clarified that it will not pay the ticket fares of Indian nationals stranded abroad. It is predicted that tickets on repatriation flights from Saudi Arabia to India could be costlier than regular airfare.

Only asymptomatic can travel 

As per Standard Operating Protocol, medical screening of passengers would be done before taking the flight. Only asymptomatic passengers would be allowed to travel. During the journey, all these passengers would have to follow the protocols, such as the health protocols, issued by the ministry of health and the ministry of civil aviation," it said in a statement.

Mandatory quarantine

The govt has made elaborate arrangements to conduct medical test on arrival at the Airports. As per plan, based on medical check-up, passengers will be categorised as group A/B/C. Later, they will be quarantined for the mandated days

Respective district administrations have taken steps to quarantine people returning from outside India. Marriages halls, general halls and hostels are being identified for the quarantine.