Monday, 14 November 2016

OFF THE RECORD review on some of todays headlines...

OFF THE RECORD review on some of todays headlines...

1. Properties without KYC compliance to be seized- Mid-day 
If you have bought a property in your relatives name, and if your relatives financial background cannot prove that he can be an actual owner of the property, it will be termed as a "benami " property & it will be taken back by the government! You need to identify yourself in front of the government as the owner of the property, those who have not done this, next move of PM Modi will be a hammer on such people's head ! This will a tedious job but for the authorities, to find the right owner. The onus of the right identification of  the owner of a property will be most probably given to the District Collector, as per sources. My suggestion, all Government needs to do is take a record of all Power of Attorney's that have been made in last 15 years (as actually real estate boomed around 2000). Most of the time, if suppose, I have excess inflow of black money, I will buy flats in any town in a relative's name. Every family in India has one poor relative who is always willing to do anything for the richest one in the family, and yes obviously the poorest relative of mine has to stay in the rural parts. I transfer the cash required for the black component via hawala and the for the white amount I transfer the money from my wife's account to my relatives account. The relative after payment & registration of the property is rightfully the owner of the property. Till then my relative has never seen even a lakh of rupees in his account ever. Immediately in that week I register one Power of Attorney wherein I take all the rights such as sale, transfer,  in my wife's name or my son's name. Deal is done! Property is mine, and my relative is happy with few bucks in his pocket ! Mind you, all bureaucrats, in fact many of them, will be in deep trouble, if the government decides to act!

2. Irla traders twiddle thumbs as biz halves /Crawford Market business down to a trickle in 5 days 
Irla market is famous for what? No not for it's atrocious Prime Mall constructed, but for one brand that has stood the ground for years and been a dominant force in retail. ALFA. This brand has it's own  8 retail shops all admeasuring more than 2000 sq. ft. Till from what I remember, whatever time of the day or month or year I have been to these shops since 1990's I had to always queue up for billing, forget the rush inside the stores. Maddening is what I call this experience to shop at Alfa. Right from its inception the shop attracted customers with all imported stuff's be in perfumes (90% duplicate) to electronics. Till today, even the riches of our Juhu area shop for their dry fruits & protein shakes & mobiles from these 8 shops. Well, for all this years the only mode of payment to these shops is CASH. No card. No Discount. No cheque. Since years, these shops have been raided by all the possible authorities, but how cases got settled, is a big question mark for me. Day before my wife happen to go for a small purchase, she said during the peak hour, no single person was there at the shop, and one placard displayed at the cashier. Credit card will be charged 1.5% extra. The mother of Alfa is Crawford Market. In fact, the modus operandi is smuggled or duplicate items are got into India at the shores and the container will "all setting" is related from the port and goods are delivered at Corwford Market. No taxes paid or paid but on very less value declared. Hence the cash business for such shops. 

3. 289% rise in rape cases over past 5 years in city 
Closing of dance bars and now demonstration's effect. Time & again my plea to the government. Make prostitution legal to save your wife, daughter or sister on the streets. 

4. Fadnavis announces mobile vans to exchange old notes across state
I just pray, that the ruckus that is created for the cash since one week and the frustration building in the nation, hope no one drives these Vans away with heaps of new currency. Just fearing public outrage!

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