Monday, 13 February 2017

Aadhaar to track 'benami' properties

By Udumula Sudhakar Reddy

Aadhaar seeding of revenue data of agricultural lands, property tax data of buildings and vacant land tax of open plots will help identify original owners of properties and flush out benami property holders, said officials on Monday.

Till date Aadhaar seeding has been used to weed out bogus beneficiaries of both state government schemes and crop loans and to identify property tax defaulters.

With the amended Benami Transactions (Prohibition) Act coming into force from November 1, Aadhaar seeding data of property tax has become vital for identification.

UIDAI deputy director general, Mr M.V.S. Rami Reddy said, “AP has completed 90.95 per cent of pattadars of Chief Commissioner of Land Administration Webland and TS is also in the process of speeding it.

Only few data pertaining to people living outside the state and NRIs is yet to be seeded in AP. Once it is seeded with Aadhar, the property or land can be tagged to a particular person. As per Section 57 of the Act, the state may enact rules for the use of the Aadhaar number for any purpose.”

Fema cases on 3 Hyderabad forex traders

By Udumula Sudhakar Reddy

The Enforcement Directorate on Saturday booked cases under Foreign Exchange Management Act (FEMA) against three city-based foreign exchange companies. ED seized around Rs 1.5 crore worth unaccounted foreign and Indian currencies during the searches conducted in the city on Friday evening.

Cases were booked against Jain Forex Private Limited, which has branches across the city, Shanthi Forex which has four branches and Kapnox Forex. Searches were conducted following complaints that several foreign exchange companies were selling foreign currencies by accepting demonetized Rs 500 and Rs 1,000 notes, sources said.

“ED officials have seized around Rs 22 lakh worth Indian currency, which we were about to deposit in the bank. There is no violation,” said Mukesh Gandhi, managing partner of Kapnox. “ED officials have conducted searches. This is part of the nationwide raid.  No cash has been seized from our firm,” said Mr J. Raju, claiming to be an employee of Jain Forex.

No one was available for comment from Shanthi Forex. Searches were conducted at over 500 locations across the country. It was reported that the Enforcement Directorate was scrutinising 67 foreign exchange dealers and the Directorate General of Central Excise Intelligence was also monitoring prominent jewellers and bullion traders. The ED is looking into foreign exchange violations and money laundering by money exchanges, revenue secretary Hasmukh Adhia said in New Delhi.

Flat-owners and builders at war in Telangana and AP

By Udumula Sudhakar Reddy

Abnormal delay in construction of apartments and villas by big construction firms and small-time builders has been causing untold misery to flat buyers and original landowners in cities like Hyderabad, Vizag and elsewhere in AP. There are several cases of consumer forums fining big builders like Alien Developers and Maytas. Cheating cases have been booked in some instances. Despite that, builders continue to delay the construction causing misery to buyers who paid money.

Recently, in a judgement, the Hyderabad consumer forum found fault with a builder who delayed the handover of flats, and asked him to pay compensation to landowners. More and more flat buyers are knocking on the doors of the forum for relief.

The Hyderabad District Consumer Disputes Reddressal forum-3 passed the order in a complaint filed by M Narsimha Rao and M Sadodith, residents of Prashantinagar in Saidabad against builder SP Haridayal’s construction company. The forum ordered builders to pay Rs 5 lakh as compensation for the delay and hand over possession of the completed flats that are due to landowners as their share immediately.

In 2010, a development agreement was struck for completion of the flats in 18 months from the date of obtaining permission with a grace period of three months. The complainants alleged that the builder failed to comply with the terms of the development agreement and failed to deliver the constructed space within time. The builder failed to complete the flooring, fix doors and windows and do electrical work.

In another case, Amitendu Patnaik, a resident of Erragadda, complained against Sanathnagar enterprises in Hyderabad consumer forum 3. The complainant booked a flat “Casa Paradiso” of the Lodha Group in Sanathnagar for Rs 46 lakh and the complainant was promised it would be delivered in 2012.

The complainant alleged that there was delay in getting possession of the flats and that he had paid excess amounts. The forum ordered the builder to pay a compensation of Rs 3 lakh as well as costs.

Demonetisation: Banks, hoarders nexus under lens

By Udumula Sudhakar Reddy

The CBI has orally asked all vigilance wings of banks to keep a tab on their staff following information that managers and other employees are conniving with black money racketeers and allowing multiple exchanges of demonetised notes against the RBI quota.

Incidents have been reported at Hyderabad and Guntur wherein multiple exchanges of Rs 4,000 is being done with different ID proofs. CBI sources said that they can book cases only if specific complaints are filed. A top CBI source said, “We have learnt about bank staff, along with black money racketeers, using multiple ID proofs for mass exchanges of demonetised notes in multiple names. We haven’t received any specific complaint. We have asked internal vigilance wings of banks to keep tabs on the staff.” Central government banks and postal department employees come under the purview of the CBI probe.

Can’t track driving licence
Banks have no mechanism to check how many times a person visits as there is no link with the driving licence database of the RTA.

ED sources said, “Auto-rickshaw drivers in the city are mostly off the roads. Racketeers are using them for their driving licenses by paying Rs 200 to Rs 300 each time for standing in queues for Rs 4,000.” Even in rural areas, agricultural labourers are being used to change demonetised notes at banks and post offices.

Hyderabad: T-hub-developed new supercomputer ready

By Udumula Sudhakar Reddy

The T-Hub at Gachibowli is building India’s fourth fastest supercomputer (after Indian Institute of Science, IIT Delhi and Tata Institute of Fundamental Research) and it will go live in the next two or three months.

According to T-Hub CEO Jay Krishnan, the high-end parallel processing computer system will be part of the “T-Hub Sand Box” to analyse big data very fast, and the same will be freely accessible to start ups in the T-Hub.

A fault tolerance computer similar to the ones used on airplanes, large banks, and data centres will be part of the Sand Box. The super computer will be useful for start-ups for analysis of huge data for smart cities, transportation and logistics.

Mr Krishnan said, “Taking forward the innovation aspect, we are constructing the Sand Box as the fastest super computer which will be able to deal with a crazy amount of computing. It will increase the efficiency of start-ups in processing huge amounts of data. Otherwise start-ups have to pay huge amounts. A chief technical officer will soon be coming in to guide entrepreneurs.”

The Sand Box, which will cost around Rs 25 crore, will be funded by the T-Hub through internally generated revenue, the government and corporates supporting the T-hub.

Mr Krishnan added, “In the next two weeks we are going to have ground breaking for Phase 2 of the T-Hub catalyst building with an investment of Rs 180 crore, which will make ours the world’s largest start-up area. Phase 2 will be completed by 2018 March.” T-Hub is the largest start up area in India with 70,000 square feet of space. He added, “The T-Bridge programme is being used to connect to outside ecosystems.”