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Shirdi Sai Baba Temple receives Rs 3 crore in Scrapped Notes Post Demonetisation

Demonetisation is a huge move by the government against the hoarding of black money.

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Representational image. Wikimedia

Mumbai, December 6, 2016: The recent demonetisation move by the government has left the black money hoarders in a state of a fix as to what should they do with their hoarded black money.

According to PTI, “The Shri Sai Baba Shirdi Sansthan, managing one of the most revered temples in the country, received Rs three crore in the scrapped notes of Rs 1,000 and Rs 500 denominations after the government’s demonetisation move, the temple trust said on Monday.”

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Ever since the demonetisation act was carried out, the government has asked all the temples to submit an account of all the donations (currency notes) that have been made in between 8th November to 24th November. Sai Baba Sansthan Trust chairman Suresh Haware said, “The Union government has asked the temples to declare the details of scrapped notes donated in the donation box.

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The trust received Rs 1.27 crore in the denomination of Rs 1,000 while it received Rs 1.57 crore in the denomination of Rs 500 currency notes.” He also said that the temple has 47 donation boxes inside the temple that are opened daily in front of the devotees and trust.

prepared by Shambhavi Sinha of NewsGram with PTI inputs. Twitter:  @shambhavispeaks

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Usage of Unaccounted Cash Still Prevalent in Market: Report

Large cash transactions still present in resale realty market

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Unaccounted cash
Significant usage of unaccounted cash is still prevalent in the secondarly real estate market. Pixabay

It has been three years since demonetisation which was implemented with the aim to curb and eradicate black money. But according to a report released on Wednesday, significant usage of unaccounted cash is still prevalent in the secondarily real estate market.

The report prepared by Anarock Property Consultants said that up to 30 per cent of the total transaction value in the secondary or resale residential maket in India can still be paid in cash.

However, the primary sales market in tier-I cities offer the least scope for unaccounted wealth in property deals, it said.

“Demonetization in November 2016 sent Indian residential real estate — till then a preferred laundromat for unaccounted wealth — into an almost terminal tailspin. Even three years after DeMo, the battle is only half-won,” said Anuj Puri, Chairman Aof Anarock Property Consultants.

“The secondary or resale residential real estate market still accommodates black money; at least 30 per cent of the total cost of resale property can still be paid in cash. While more and more buyers and sellers prefer official payment routes as a matter of principle, many still use the resale property market to launder untaxed cash,” he added.

Cash in market
Many buyers use the resale property market to launder untaxed cash. Pixabay

As per the report, while the trend in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR), which are historically notorious for black money in real estate, has tamed considerably in primary sales, their resale property markets still see cash components.

As much as 20-25 per cent of the total resale property cost can still be “adjusted” with black money, it said, adding that in Bengaluru, Pune and Hyderabad, the prevalence of transparent payment routes, even on the resale market, is much higher.

“Unlike the primary sales market, the resale market still lacks strict regulations, making it easier for buyers and sellers to use cash components.

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Also, the primary sales market involves developers with a reputation to protect, while a resale property transaction involves two individuals. The pricing of resale properties also lacks transparency,” the report said.

In the case of direct sales by developers, there are readily-available pricing benchmarks, while in the secondary market, a seller can inflate the price of a property based on location, added features and so on without stating on the books. (IANS)