Bangalore Development Authority has allotted 5000 sites in Nadaprabhu Kempegowda Layout and the resolution is sent to the Government. The details of the allotment will be published in BDA website very soon.
Thursday, June 30, 2016
BANKS WILL BE USING DETECTIVES TO COLLECT DATA AND PROPERTY INFORMATION OF WILFUL DEFAULTERS
Financial Institutions have decided to use the services of
private detectives to collect details and data about willful defaulters to
reduce the burden of BAD DEBTS or in banking terminology – NON PERFORMING
ASSETS or NPA
NPA-DETECTIVES FOR NPA RAID
Burgeoning cases of non-performing assets
(NPAs) and piling loan frauds have led banks to private detectives for
conducting 'undercover' operations to unearth hidden data against defaulters
who have cheated them of crores of rupees before vanishing into thin air.
As per official records, a number of banks have sought empanelment of detective agencies with their assets recovery divisions to not only "locate the missing/absconding NPA defaulter" but also to "ascertain their present occupation, income streams among others".
A large public sector bank recently sought help to tackle the NPA menace and wants private sleuths to "unearth uncharged properties of the defaulter for recovery action with the help of documentary evidences".
"We have been helping the banks on these issues for quite a few years now but this time there is pressure on them to catch not only the small but also the big fish. Private detective agencies are working on thousands of such cases across the country. In order to ensure that the banks get vital information on defaulters and absconders, our agents are conducting undercover operations as we cannot go and just knock on the doors to obtain such information in these cases," chairman of the Association of Private Detectives of India (APDI) Kunwar Vikram Singh told PTI.
He said despite the job requiring special skills to conduct covert operations, the APDI's collective success rate in tracing bank defaulters has been as much as 90. He said absconders and fraudsters many a time exist "right under the nose" but under a changed identity.
Singh said his detective firm Lancers Private Limited is at present working with banks like SBI, Bank of India and Bank of Patiala on such cases, many of which have come to it in the recent past.
A banker at a leading lending institution said a number of banks have sought help of the APDI in this regard in the recent past.
"The banks are up against some of the smartest brains when it comes to non-payment of loans and huge defaults. There is not much staff with any of us to physically get information against such entities and hence private detectives hold the key to this problem. It is ensured that when we bring on board a detective agency we enter into a confidentiality agreement with them called the NDA (Non-Disclosure Agreement) which mandates that such snoop information about the defaulter will be protected from any public disclosure," he said. As per a fee chart prepared by a leading bank, it will pay Rs 7,500 (in a single case) to the snoop agency for providing data about people connected to the defaulter like the borrower, guarantor or director of the firm.
Banks have also sought from these agencies, as per the scope of work agreement, some non-traditional sources of information against the defaulters.
KNOWLEDGE=POWER
Detectives also need to "ascertain latest information about their present address, occupation, businesses, income streams, details of all their assets, their location, whether in India or abroad, and value and ownership related information." Government investigative agencies like police, CBI, Income Tax department or the Enforcement Directorate have their limitations. Banks also have manpower issues in their special debt recovery units. Getting private detectives on board will surely get us the desired results as past experiences have not been bad in this domain, a banker said.
As per official records, a number of banks have sought empanelment of detective agencies with their assets recovery divisions to not only "locate the missing/absconding NPA defaulter" but also to "ascertain their present occupation, income streams among others".
A large public sector bank recently sought help to tackle the NPA menace and wants private sleuths to "unearth uncharged properties of the defaulter for recovery action with the help of documentary evidences".
"We have been helping the banks on these issues for quite a few years now but this time there is pressure on them to catch not only the small but also the big fish. Private detective agencies are working on thousands of such cases across the country. In order to ensure that the banks get vital information on defaulters and absconders, our agents are conducting undercover operations as we cannot go and just knock on the doors to obtain such information in these cases," chairman of the Association of Private Detectives of India (APDI) Kunwar Vikram Singh told PTI.
He said despite the job requiring special skills to conduct covert operations, the APDI's collective success rate in tracing bank defaulters has been as much as 90. He said absconders and fraudsters many a time exist "right under the nose" but under a changed identity.
Singh said his detective firm Lancers Private Limited is at present working with banks like SBI, Bank of India and Bank of Patiala on such cases, many of which have come to it in the recent past.
A banker at a leading lending institution said a number of banks have sought help of the APDI in this regard in the recent past.
"The banks are up against some of the smartest brains when it comes to non-payment of loans and huge defaults. There is not much staff with any of us to physically get information against such entities and hence private detectives hold the key to this problem. It is ensured that when we bring on board a detective agency we enter into a confidentiality agreement with them called the NDA (Non-Disclosure Agreement) which mandates that such snoop information about the defaulter will be protected from any public disclosure," he said. As per a fee chart prepared by a leading bank, it will pay Rs 7,500 (in a single case) to the snoop agency for providing data about people connected to the defaulter like the borrower, guarantor or director of the firm.
Banks have also sought from these agencies, as per the scope of work agreement, some non-traditional sources of information against the defaulters.
KNOWLEDGE=POWER
Detectives also need to "ascertain latest information about their present address, occupation, businesses, income streams, details of all their assets, their location, whether in India or abroad, and value and ownership related information." Government investigative agencies like police, CBI, Income Tax department or the Enforcement Directorate have their limitations. Banks also have manpower issues in their special debt recovery units. Getting private detectives on board will surely get us the desired results as past experiences have not been bad in this domain, a banker said.
ARREST WARRANTS FOR TAX DEFAULTERS - CBDT DIRECTIONS TO TAX RECOVERY OFFICERS
ARREST WARRANTS
FOR WILFUL DEFAULTERS – INCOME TAX DEPARTMENT
The Income Tax department has asked its officers not to shy away from
invoking the rare provisions of arrest, detention and auctioning of attached
assets of the accused.
Challenged by increasing cases of defaulters who
smartly evade paying due taxes,
The Central Board of Direct Taxes, in a strategy paper for the current financial year, has directed the tax department to use this provision, used rarely till now, stated under Section 276C (2) of the Income Tax Act that stipulates action to ensure rigorous imprisonment for a period between three months and three years which may also carry a fine.
The Central Board of Direct Taxes, in a strategy paper for the current financial year, has directed the tax department to use this provision, used rarely till now, stated under Section 276C (2) of the Income Tax Act that stipulates action to ensure rigorous imprisonment for a period between three months and three years which may also carry a fine.
The I-T department has a designated
official to execute these rare powers, called the Tax Recovery Officer (TRO)
within its establishment.
"The machinery of the TRO should be strengthened by providing more infrastructure and manpower. The TROs should be further trained specifically for their work in order to increase their effectiveness. In respect of non-compliant defaulters, the provisions of arrest and detention as per the provisions of Rules 73 to 81 of Schedule II should be invoked by the TRO.
"Stringent action can be taken in suitable cases including use of the provision for prosecution under section 276C(2) of the Act," it said.
The strategy papers act as a guiding light for the taxman for the financial year, in this case 2016-17.
The directives have also asked the supervising authority of the TROs (Principal Commissioner of IT) to "monitor" their work "especially in the area of attachment and sale of property to ensure that the attached properties are sold within one year."
"The role of a TRO comes at the fag end in a tax evasion case when the demand raised by the department gets converted into wilful default. A TRO executes his power of arrest and detention when there is a chronic default. That is why we see these provisions have been rarely invoked in the past. But now, more action on this front will be undertaken as defaults are becoming a menace now," an IT official explained.
The instructions also make it clear to the TRO that in case of liquidation of assets there should be "prompt lodging of the claim" with the official liquidator and constant monitoring of the case in order to guard the interest of the revenue or the department.
It has also been directed, as per the strategy paper, that supervisory officers "may instruct" the TRO or the Assessing Officer of a case to monitor cases which are being heard in the Debt Recovery Tribunals (DRTs).
They (TRO) should, it said, consider lodging of claims of outstanding demand in such cases before the DRT.
"At any level of a default case, the department's interest of getting taxes is supreme and hence the TRO is being directed to pursue the cases upto the level of DRTs too.
Getting revenue and due taxes from an entity is the ultimate aim of the IT department. By using these new strategies, the department also ensures that a strong message goes to all such people that the taxman will not let it go easily," the official said.
"The machinery of the TRO should be strengthened by providing more infrastructure and manpower. The TROs should be further trained specifically for their work in order to increase their effectiveness. In respect of non-compliant defaulters, the provisions of arrest and detention as per the provisions of Rules 73 to 81 of Schedule II should be invoked by the TRO.
"Stringent action can be taken in suitable cases including use of the provision for prosecution under section 276C(2) of the Act," it said.
The strategy papers act as a guiding light for the taxman for the financial year, in this case 2016-17.
The directives have also asked the supervising authority of the TROs (Principal Commissioner of IT) to "monitor" their work "especially in the area of attachment and sale of property to ensure that the attached properties are sold within one year."
"The role of a TRO comes at the fag end in a tax evasion case when the demand raised by the department gets converted into wilful default. A TRO executes his power of arrest and detention when there is a chronic default. That is why we see these provisions have been rarely invoked in the past. But now, more action on this front will be undertaken as defaults are becoming a menace now," an IT official explained.
The instructions also make it clear to the TRO that in case of liquidation of assets there should be "prompt lodging of the claim" with the official liquidator and constant monitoring of the case in order to guard the interest of the revenue or the department.
It has also been directed, as per the strategy paper, that supervisory officers "may instruct" the TRO or the Assessing Officer of a case to monitor cases which are being heard in the Debt Recovery Tribunals (DRTs).
They (TRO) should, it said, consider lodging of claims of outstanding demand in such cases before the DRT.
"At any level of a default case, the department's interest of getting taxes is supreme and hence the TRO is being directed to pursue the cases upto the level of DRTs too.
Getting revenue and due taxes from an entity is the ultimate aim of the IT department. By using these new strategies, the department also ensures that a strong message goes to all such people that the taxman will not let it go easily," the official said.
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