Benami property deals could be next on government’s hit list

benami-propertyThe massive midnight demonetisation drive that Prime Minister Narendra Modi announced last Thursday will soon be followed up with a heavy crackdown on benami transactions in a series of radical measures the government has lined up to rein in unaccounted money.

Top sources in the government told CNN-News18 that the crackdown on benami property will be launched early next year while a massive scheme to empower rural poor facing distress was on the drawing board.

The mega rural package – the contours of which are not yet clear – could be timed politically so that the electorate has a big reason to cheer before the 2019 general elections.

“The PM will keep cracking down against rich with unaccounted cash to reward the poor,” a top government source told CNN-News18.

Also on the anvil is a grand infrastructure push that the government expects will put the economy back on the fast track.

“There is no question of succumbing to any political pressure either from allies or from the Opposition,” the source said when asked about potential political hurdles.

The BJP, CNN-News18 learns, has decided to brazen it out and a decision has been taken to ignore short-term political opposition.

The shape of things to come on the political front was amply made clear at the BJP parliamentary party meet on Monday when Union Minister of Urban Development, Housing and Urban Poverty Venkaiah Naidu said the mood of the nation was in favour of the decision taken by PM Modi to scrap Rs 500 and 1,000 currency notes.

Naidu said there were enough indications about the impending move to demonetise, like, the constitution of SIT on black money, avoidance of double tax treaty, prohibition of benami transaction bill, et all.

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Market may rebound; all eyes on Tata Motors, Tata Steel post Q2

Dalal Street CapitalHeightAfter severe cuts last week, the market is expected to see a bit of rebound as global market stabilise. MSCI’s broadest index of Asia-Pacific shares outside Japan was flat in early trades while Australian stocks were off 0.5 percent.

The risks of faster-than-expected Federal Reserve rate increases have dragged on emerging market assets, particularly equities and currencies, which have benefited from large capital inflows.

The US dollar scaled an eleven-month peak on Tuesday and Treasury yields extended their rise as investors braced for higher inflation in the United States amid expectations of fiscally expansionary polices under Donald Trump’s presidency.

In the US, after choppy trading late in the session, the Dow ended at a record high while the S&P 500 and the Nasdaq Composite dipped.

On Friday, the Sensex is down 698.86 points or 2.5 percent at 26818.82 and the Nifty is down 229.45 points or 2.7 percent at 8296.30. About 462 shares have advanced, 2223 shares declined, and 146 shares are unchanged. The midcaps underperformed the benchmark indices closing 3.5 percent in the red while the bank stocks slipped more than 2 percent.

In key earnings over the weekend, Tata Motors posts a disappointing set of numbers while Tata Steel delivered a mixed performance but the weak Indian operations expected to weigh on the stock. Bank of Baroda is expected to gain today after slippages halve in the second quarter and gross NPAs remain flat.

In the currency space, the dollar rose to an 11-month high against a basket of major currencies, in step with a jump in US bond yields as traders bet fiscal and trade policies under a Donald Trump administration would stoke inflation.

Nymex crude prices pared losses after falling to their lowest levels in three months yesterday,

As the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.

Brent, however, is gaining about a percent in early morning trade.

From the precious metals space –gold prices edge up as bargain-hunters were tempted to buy after the metal hit its lowest in 5-1/2 months the previous session.

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