Panama Papers: I-T slaps criminal charges under anti-black money

Agencies
November 19, 2017

New Delhi, Nov 19: Stepping up probe into the Panama Papers, the Income Tax Department has slapped criminal charges under the new anti-black money Act and launched fresh assessment of stashed offshore income against more than six Indian entities in the list, official sources said.

They said the department has detected undisclosed assets and stashed funds located in foreign countries in case of seven individuals and entities named in the leaks and the taxman has begun investigations against them under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Sources privy to the probe said the tax department has ordered fresh assessment and also re-assessment of the income of these entities and will soon launch criminal prosecution against all of them as the entities had reportedly not disclosed offshore properties to Indian tax and banking authorities in the past.

These are the first set of cases of undisclosed foreign assets which are being probed under the new anti-black money Act, that has criminal sections for prosecution under the law.

Under the new anti-black money law, cases of overseas illegal assets, which till recently were probed under the regular and civil Income Tax Act of 1961, attract a steep 120% tax and penalty on undisclosed foreign assets and income besides carrying a jail term of up to 10 years.

Prosecution of these seven entities under the Prevention of Money Laundering Act (PMLA) would also be initiated in the coming days, as the anti-black money Act of 2015 qualifies to be a predicate offence for money laundering investigations, they said.

The sources refused to divulge the identities of the seven entities citing the overriding global tax information exchange secrecy clauses between various countries.

The Central Board of Direct Taxes has recently said that investigations in the Panama Papers leak cases till now have resulted in the I-T Department detecting undisclosed wealth of Rs 792 crore so far and the probe in these cases is on in "full swing".

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
January 14,2020

Chennai/New Delhi, Jan 14: India's annual electricity demand in 2019 grew at its slowest pace in six years with December marking a fifth straight month of decline, government data showed, amid a broader economic slowdown that led to a drop in sales of everything from cars to cookies and also to factories cutting jobs.

Electricity demand is seen as an important indicator of industrial output in the country and a sustained decline could mean a further slowdown in the economy.

India's power demand grew at 1.1% in 2019, data from the Central Electricity Authority showed, the slowest pace of growth since a 1% uptick seen in 2013. The power demand growth slowdown in 2013 was preceded by three strong years of consumption growth of 8% or more.

In December, the country's power demand fell 0.5% from the year-earlier period, representing the fifth straight month of decline, compared with a 4.3% fall in November.

But in India's western states of Maharashtra and Gujarat, two of India's most industrialised provinces, monthly demand increased.

In October, power demand had fallen 13.2% from a year earlier, its steepest monthly decline in more than 12 years, as a slowdown in Asia's third-largest economy deepened.

Industry accounts for more than two-fifths of India's annual electricity consumption, while homes account for nearly a fourth and agriculture more than a sixth.

The slower demand growth is a blow for many debt-laden power producers, who are facing financial stress and are owed over $11 billion by state-run distribution companies.

India's overall economic growth slowed to 4.5% in the July-September quarter, government data released in November showed, the weakest pace since 2013 as consumer demand and private investment fell.

The government has estimated growth in the current financial year that runs through to March will be the slowest since the 2008 global crisis.

"This reflects overall economic slowdown, because if you look at other high frequency data like diesel consumption, everywhere you are seeing contraction," Rupa Rege Nitsure, chief economist at L&T Financial Holdings.

But India's central bank will not have much scope to cut rates to stimulate the economy because inflation has been rising sharply and reached 7.35% in December compared with 1.97% in January last year.

Economists say India's growth will continue to hover around 4.5% levels in the Oct-Dec quarter.

"In the Oct-Dec quarter as well growth (GDP) will be around the same level as July-September. My estimate for the full year is around 4.7% growth," Nitsure said.

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.
The wire
May 20,2020

Bhopal, May 20: Two months after Deepak Bundele, an advocate and former journalist, was brutally assaulted by the Madhya Pradesh’s Betul Police on March 23, an Assistant Sub-Inspector of Kotwali Police Station in Betul district, BS Patel, approached the victim to record his statement. However, he allegedly tried to convince Bundele to withdraw the case saying that the cops had mistaken him for a Muslim since he has a long beard and assaulted him. But, the cop added, they were ashamed of the incident after they came to know that they had beaten their ‘Hindu brother’.
Bundele was on his way to the government hospital for diabetes treatment, a day before the countrywide lockdown was announced, when the assault occurred. Miffed with the incident and after the district police denied to register the case, he wrote to the State Human Rights Commission; Chief Justice of Madhya Pradesh High Court; Chief Minister Shivraj Singh Chouhan; Vivek Johri, Director General of Police, Madhya Pradesh; and SP Betul to register an FIR against the police officials and take punitive action against them.
In the wake of COVID-19 pandemic outbreak, section 144 had been imposed in Betul district and public movement was restricted when the incident had occurred. 
Talking to Bundele, ASI Patel had said, “We seek an apology on behalf of those officials [who assaulted Bundele]. We are truly embarrassed because of the incident. If you want, I can bring those officials and make them apologise in person to you. They mistook you as a Muslim and assaulted you, since you had a long beard. And the man (who assaulted you) is a kattar (staunch) Hindu…In Hindu-Muslim riots whenever a Muslim is arrested, they beat them up brutally, always,” the police official can be heard saying in an audio recording shared by the victim.
In the 14 minutes long audio, he further said, “I request to you to withdraw the complaint. Please agree to our request; understand that we are living in Gandhi’s country; we are all Gandhi’s children…I have at least 50 friends from your caste.”
The cop continued, “All those people are ashamed that they did something like this to a Hindu brother without knowing his identity. We do not have any enmity against you. Whenever there is a Hindu-Muslim riot, police always supports the Hindus; even Muslims know this. But whatever happened with you was because of ignorance. For that, I have no words.” 
Refuting ASI Patel’s claim, Bundele claimed that there was no Hindu-Muslim riot that day, and asked whether he was beaten for being wrongly identified as a Muslim. The police officials agreed, and said: “Yes, exactly.”
“When I constantly declined to withdraw the compliant, he indirectly threatened me saying, ‘Agree to our request, else you and your advocate brother will face consequences’,” Bundele claimed. 
When contacted Betul SP DS Bhadoriya said, “I’m not aware of this audio clip. I will taken strict action, if I receive any such complain.”
Bundele said that he has written to the DGP and other senior police officials with details about the incident.   
THE ASSAULT
On March 23 evening, when Bundele was on his way to a hospital for the treatment, Betul Police allegedly thrashed him. The 32-year-old advocate had worked as a journalist for various dailies in Madhya Pradesh’s state capital for a decade. He moved to Betul in 2017 and started practising in the district court with his brother. “I have been a patient of diabetes and blood pressure for the last 15 years. On March 23, since I was not feeling well, I decided to visit the hospital and get some medicines. But I was stopped by the police midway,” Bundele had said. 
Even though the advocate, who sports a beard, said that he explained to police personnel that he had to get his medicines but one of them slapped him without trying to listen to what he was saying. “When I protested and said that police have no right to beat the public, they got anxious and within no time, many police officials came and started beating me up with sticks,” he added. 
"I need constant medication and lifesaving medicines to survive and I told the policemen everything while they were assaulting me. But, they kept hitting me, even after I fell,” he said, adding, "I bled for almost a 2-3 days after the incident.”
Bundele, sustained multiple injuries and his ear bled for almost two days after the incident, but, Betul police denied to file an FIR in the incident.
‘WILL MOVE TO THE HIGH COURT’
“Even after two months of the incident, no FIR has been registered and it seems that police is trying to sweep the matter under the carpet,” Bundele said, adding, “I have talked to the Supreme Court’s veteran advocate Vivek Tankha and Etasham Hashmi and will take this matter to the court.”
He also raised serious concerns about the communal angle of the incident, saying, “It’s a matter of grave concern that the police is turning communal and targeting a particular community.”

Source: https://www.google.com/amp/s/m.thewire.in/article/communalism/madhya-pr…

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
February 6,2020

Washington, Feb 6: U.S. president Donald Trump drew on staunch Republican support to defeat the gravest threat yet to his three-year-old presidency on Wednesday, winning acquittal in the Senate on impeachment charges of abuse of power and obstruction of Congress.

Only the third U.S. leader ever placed on trial, Trump readily defeated the Democratic-led effort to expel him from office for having illicitly sought help from Ukraine to bolster his 2020 re-election effort.

Trump immediately claimed "victory" while the White House declared it a full "exoneration" for the president -- even as Democrats rejected the acquittal as the "valueless" outcome of an unfair trial.

Despite being confronted with strong evidence, Republicans stayed loyal and mustered a majority of votes to clear the president of both charges -- by 52 to 48 on abuse of power and 53 to 47 on obstruction of Congress -- falling far short of the two-thirds supermajority required for conviction.

"Two thirds of the senators present not having found him guilty of the charges contained therein, it is therefore ordered and adjudged that the said Donald John Trump be, and he is hereby, acquitted," said Supreme Court chief justice John Roberts, who presided over the trial.

The months-long impeachment of the 45th US leader shone a harsh light on America's political divide, with Trump's core support base united behind him in rejecting it as a "hoax."

One Republican, senator Mitt Romney, a longtime Trump foe, risked White House wrath to vote alongside Democrats on the first count, saying Trump was "guilty of an appalling abuse of public trust." He voted not guilty on the second charge.

But the verdict was never truly in question since the House of Representatives formally impeached Trump in December, and has now cleared out a major hurdle for the president to fully plunge into his campaign for re-election in November.

Trump to speak Thursday

Responding to the verdict, Trump announced he would deliver a formal statement Thursday from the White House "to discuss our Country's VICTORY on the Impeachment Hoax!"

Shortly before, the president tweeted a montage depicting a fake cover of Time magazine declaring him president for all eternity.

The White House declared that Trump had obtained "full vindication and exoneration."

But Nancy Pelosi, the House Speaker and top Democrat in Congress, said that by clearing Trump, the Republicans had "normalized lawlessness."

"There can be no acquittal without a trial, and there is no trial without witnesses, documents and evidence," she said.

"Sadly, because of the Republican Senate's betrayal of the Constitution, the president remains an ongoing threat to American democracy, with his insistence that he is above the law and that he can corrupt the elections if he wants to."

Senate minority leader Chuck Schumer said the acquittal was "virtually valueless" since Republicans refused witnesses at his trial.

'Forever impeached'

The Democrats' intense 78-day House investigation faced public doubts and high-pressure stonewalling from the White House.

Concerned about the political risk for the party, Pelosi rejected a call early last year to impeach Trump on evidence compiled by then-special counsel Robert Mueller that he had obstructed the Russia election meddling investigation.

But her concerns melted after new allegations surfaced in August that Trump had pressured Ukraine for help for his 2020 campaign.

Though doubtful from the outset that they would win support from Republicans, an investigation amassed with surprising speed strong evidence to support the allegations.

The evidence showed that from early in 2019, Trump's private lawyer Rudy Giuliani and a close political ally, Ambassador to the European Union Gordon Sondland, were scheming to pressure Kiev to help smear Democrats, including Trump's potential 2020 rival Joe Biden, by opening investigations into them.

"We must say enough -- enough! He has betrayed our national security, and he will do so again," Adam Schiff, who led the House investigation, argued on the Senate floor this week.

"He has compromised our elections, and he will do so again," Schiff said.

'Colossal' mistake

In the trial, Trump's defence was not seen as having undermined the facts compiled by Schiff's probe, and several Republican senators acknowledged he did wrong.

But his lawyers and Senate defenders argued, essentially, that Trump's behaviour was not egregious enough for impeachment and removal.

And, pointing to the December House impeachment vote, starkly along party lines, they painted it as a political effort to "destroy the president" in an election year and insisted voters should be allowed to decide Trump's fate.

Senate majority leader Mitch McConnell said impeachment will benefit Republicans.

"Right now this is a political loser for them. They initiated it. They thought this was a great idea. At least for the short term, it has been a colossal political mistake."

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.