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Income Tax Department seizes Rs 10.50 Crore assets from ‘Chaiwala’ turned Financier in Delhi

The demonetisation of ₹500 and ₹1,000 banknotes was a policy enacted by the Government of India on 8 November 2016, wherein usage of 500 and 1000 rupee notes was banned.

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Indian Currency. Pixabay

Delhi, Dec 18, 2016: While all the eyes are on the big shots and their hoarded black money stacks, a chaiwaala gives them tough competition.

The Income tax department found unaccounted assets worth Rs 10.50 crore from a chaiwaala-turned-financier on Saturday after raids were conducted against him, as a part of the anti-black money crackdown post currency scrap, mentioned PTI.

A total cash of Rs 1.45 crore, with new currency being at 1.05 crore and assets including bullions worth Rs 1.49 crore, gold jewellery valued at Rs 4.92 crore, other ornaments worth Rs 1.39 crore and silver ingots priced at Rs 1.28 crore was discovered in the humble setting of the chaiwaala.

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According to PTI report, I-T sources have given a statement, “The total value of the assets seized from the financier, who earlier worked as a ‘chaiwala’, is Rs 10.50 crore. 13 of his bank lockers have been opened till now, four more are in the process to be opened and the expected seizure of assets may increase.”

The officials have refrained from revealing the identity of the person citing ongoing probe. Seems like the chaiwaalas all around the world, are on a quest to do something historical in their lives!

– prepared by Shambhavi Sinha of NewsGram. Twitter:  @shambhavispeaks

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Rupee Depreciation Against Dollar Leads to Sharp Rise in Crude Prices

The rupee lost heavily towards the end of the week - over 70 paise in the last three trading session.

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The currency losing against the dollar and rising crude oil prices was a double whammy for the bond markets. Pixabay

In a choppy week’s trade, the Indian currency weakened against the US dollar to close above the 71 a dollar mark on Friday, owing to a sharp rise in crude oil prices, turmoil in the equity markets and uncertainty around the US-China trade relations.

In what could translate into further trouble for the domestic currency, analysts see an upward move of 6 to 7 per cent in the Brent crude prices in the coming week.

The rupee lost heavily towards the end of the week – over 70 paise in the last three trading session – as traders reacted to the sanction on Venezuela and production cut by OPEC and Saudi Arabia.

Sajal Gupta, Head Fx & Rates Edelweiss, said “technically … crude now looks set for another 6-7 per cent rise” which would mean that the rupee was likely to depreciate further in the coming sessions. “And if Rs 71.80 per dollar is broken, we can head towards Rs 72.50 mark.”

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The rupee lost heavily towards the end of the week – over 70 paise in the last three trading session. Pixabay

Among other factors impacting the currency, Gupta said, with crude and dollar index giving breakout, rupee would remain under pressure. Trade deficit data released on Friday post market was also not very encouraging with monthly deficit touching almost 15 billion dollars.

“Political tensions would also remain heightened with key leaders vowing strong retaliation in wake of the biggest terror attack in the Kashmir valley.”

Explaining the factors which has caused volatility, Anindya Banerjee of Kotak said the currency markets largely depend on the capital flows … and right now the fear of a possible retaliation by the government in response to the Pulwama attack is having an affect.

“The context of the whole event is also important because (Lok Sabha) elections are around the corner,” Banerjee said.

Also, the currency losing against the dollar and rising crude oil prices was a double whammy for the bond markets, he added.

On the global front, discussing the factors affecting the currency, Banerjee said, the Chinese economy was very fragile right now and moreover investors were looking for developments in the US-China trade talks.

Rupee, Dollar, currency
India on Friday revoked the Most Favoured Nation Status (MNS) of Pakistan which has led to decline in equite markets for 6 straight years. Pixabay

However, Gurang Somaiya, currency analyst, Motilal Oswal, felt that the rupee was protected from any major weakness as “Foreign Institutional Investment (FII’s) came around good”, especially in February.

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According to data from the bourses, FII has seen inflows worth Rs 1,096 crore in February.

India on Friday revoked the Most Favoured Nation Status (MNS) of Pakistan and has warned that more stern actions will follow the attack in Pulwama. Additionally, equity markets have declined for 6 straight sessions showing weak investor sentiments. (IANS)