Page 15 - Banking Finance May 2023

ROUNDUP

ure to do so would have led to the its contractual disputes with private The J&K government said Emaar's
unlinked PAN becoming inoperative. parties, according to officials. projects mark the first foreign direct
investment (FDI) in the Union Terri-
The Aadhaar-PAN linking was free be- The Budget this year has proposed the
tory.
fore March 31, 2022. A fee of Rs 500 Vivad se Vishwas-2 scheme to settle
was imposed from April 1, 2022 and long-pending litigation in cases where J&K Lieutenant Governor Manoj Sinha
was later increased to Rs 1,000 from an arbitration order has been chal- performed the 'Bhumi Pujan' (prayer
July 1, 2022. lenged in any Indian court. ceremony)' for the 10-lakh sq. foot
mega-mall - "Mall of Srinagar" - and an
Government-held entities such as Oil
Aadhaar to be deactivated and Natural Gas Corporation (ONGC) IT tower at Sempora on the outskirts
of Srinagar. He said an IT tower will
with holder's death soon and National Highways Authority of
also come up in Jammu.
India (NHAI) have many disputes with
The Unique Identification Authority of
private contractors.
India (UIDAI) and the Registrar Gen-
Tax demand worth Rs.
eral of India have begun work on roll-
India's per capita income
ing out a mechanism that will allow for 13,566 crore raised during
deactivation of Aadhaar once a death doubles since 2014-15 FY19-22
certificate is issued.
India's per capita income in nominal
The income tax department has raised
Once a death certificate is issued by the terms doubled to Rs 1,72,000 since
tax demand worth Rs 13,566 crore
agency concerned, a communication 2014-15 when the Narendra Modi-led
and passed349 assessment orders dur-
will be shared with the family members NDA came to power but uneven in-
ing the four financial years (FY19-FY22)
of the deceased and only after their come distribution remains a challenge.
under the Black Money (Undisclosed
consent the number will be deacti- As per the National Statistical Office
Foreign Income and Assets) and Impo-
vated, official sources told TOI. (NSO), the annual per capita (net na-
sition of Tax Act, 2015, the govern-
tional income) at current prices is esti-
The move will have to be implemented ment informed Parliament.
mated at Rs 1,72,000 in 2022-23, up
along with the state governments for Government data also showed that
from Rs 86,647 in 2014-15, suggesting
which discussions are underway, they
686 searches were conducted during
an increase of about 99 per cent.
added. This will require the family
2021-22, while assets worth Rs
members to share the Aadhaar num- In real terms (constant prices), the per
1,159.59 crore were seized by the in-
ber when the death certificate is is- capita income has increased by about
come tax department. A total of 5,931
sued. 35 per cent from Rs 72,805 in 2014-15
groups have been searched during the
to Rs 98,118 in 2022-23.
The step comes after the UIDAI had last eight financial years since 2014-15,
implemented a scheme for allotting with seizure of assets worth Rs
Srinagar to get mega-mall,
Aadhaar while issuing birth certifi- 8,832.92 crore.
cates. So far over 20 states have imple- IT tower as UAE's Emaar
In a written response to a question in
mented the system, with others ex- Lok Sabha, Minister of State for Fi-
marks J&K's first FDI
pected to follow suit in the coming nance Pankaj Chaudhary said 183 as-
Almost a year after CEOs from several
months. sessment orders were passed in 2021-
Gulf countries visited the Valley to ex-
22 and a demand of Rs 5,350 crore was
Centre aims to settle 500 plore investment opportunities, the raised under the black money law.
UAE-based Emaar Group, the devel-
cases, involving about Rs. 1
oper of the Burj Khalifa, marked its
trillion entry into J&K by announcing a shop- Immovable properties
ping mall and an IT tower in Srinagar.
The Central government is aiming to worth Rs. 10,683 crore at-
resolve about 500 cases, involving an The announcement came on a day
tached so far in FY23 by
estimated Rs 1 trillion, under the new Srinagar hosted an India-UAE inves-
voluntary settlement scheme, which tors' meet similar to the one held in tax authorities
has been proposed to bring an end to March last year. A total of 204 immovable properties
14 | 2023 | MAY | BANKING FINANCE