Day Traders Lounge.

[HappyLife]

Both are punishable under the law...POA holder raises the loan in the name of the Benami property holder and use that money for himself.

Smart_trade

But who get punishment? Question is that both!!!!

 

[timepass]

Many people have multiple bank accounts and some accounts are not declared in their IT Returns.They stash their income in these accounts and buy properties in the name of wife,mother,daughter-in-law by making payment of cheque money from these accounts and cash money from their own account.They very conveniently assume that the property belongs to wife as it will not reflect in their name but in law it is a Benami property of that person.

People have multiple bank lockers in their name and in the name of their family members in different locations and different cities...soon something will come against these lockers too if they are used to store black money and gold and diamonds bought with black money...

Smart_trade

I have 2-3 bank accounts that I have not operated since 15-20 years (basically because of their inconvenient locations, and convenient location of my present banks). Those accounts don't even have PAN associated with them or my photo. I guess they would be in dormant account now ? Can they pose some sort of IT threat to me ?

 

[vijkris]

I have 2-3 bank accounts that I have not operated since 15-20 years (basically because of their inconvenient locations, and convenient location of my present banks). Those accounts don't even have PAN associated with them or my photo. I guess they would be in dormant account now ? Can they pose some sort of IT threat to me ?

If for one year also you don use the account, it becomes dormant. Its been so many years now, it must have been classified as inactive or even suspended.
Moreover if you have lakhs in these a/c then u can worry, or else no issues.

 

[timepass]

If for one year also you don use the account, it becomes dormant. Its been so many years now, it must have been classified as inactive or even suspended.
Moreover if you have lakhs in these a/c then u can worry, or else no issues.

Not lakhs, may be a few hundreds (which was good money 20 years ago )

 

[Rish]

I have 2-3 bank accounts that I have not operated since 15-20 years (basically because of their inconvenient locations, and convenient location of my present banks). Those accounts don't even have PAN associated with them or my photo. I guess they would be in dormant account now ? Can they pose some sort of IT threat to me ?

If you have money in those accounts...and it is declared ...100% no issue....

No money and it is in operative....No issue...

If we have proper accounts for our money...even if we have 10 accounts...No issue as per IT concern....

 

[Smart_trade]

I have 2-3 bank accounts that I have not operated since 15-20 years (basically because of their inconvenient locations, and convenient location of my present banks). Those accounts don't even have PAN associated with them or my photo. I guess they would be in dormant account now ? Can they pose some sort of IT threat to me ?

No they won't as there are no transactions so they have become dormant accounts...now for closing those accounts or transferring money balance from those accounts to your regular accounts,you will need to activate those accounts by giving PAN and other KYC documents.

ST

 

[vijkris]

Not lakhs, may be a few hundreds (which was good money 20 years ago )

Then dont bother. Without photo and latest address, they cant reach you.

BTW i am getting re- Kyc notice from ICICI Bank, and they r saying that they will suspend the account after 30 Nov if I dont submit documents .
:annoyed:

 

[cloudTrader]

Then we will find that smart ones have already flown the coop - by transferring the property / POA from the name of the individual to the name of some organization - a company, a trust, an NGO, a cooperative etc..

Hiding behind an organization, there would pretty much be no laws to catch the individual, would there ?

The irony which really irritates Indians is that the informed citizens know a lot about what is happening around them but have to make adjustments to suffer the humiliation of being limited to a mere voter & participating once in the festival of power every five years. After that he/she could only be a pleader for his/her own rights.

If we do not imbibe electoral reforms and accountability paradigms soon then there ought to be gross political indecencies in the offing.

 

[vijkris]

This photo is being widely circulated in the net:

Translation: Why should we close our shops/business when your blackmoney is lost??
So on 28th we will open our shop for 2hours more than the normal timings.

:thumb:

 

[BearsTruth]

The commodities did crash, didn't they ?? Their advisory was about commodities only, when crude went down to <$30 in 2008-09 period.

Even a broken clock is right twice correctly! Question is how they fail to predict the very near term but got something right after a decade! Anyway to each his own.