Wednesday, December 28, 2016

Reframe your New Year resolution. Let's join hands for the nation's economy this time!

It’s the year end, The holiday time, Moreover, it’s time to make our New Year resolution! Need a change from common resolutions like -stay fit and healthy, Lose weight or enjoy life to the fullest? Yes, it’s time to make fresh resolutions, in fact, unique ones.
So let’s make a resolution for our nation’s economy this time. Start the year with a solid resolution to enjoy financial freedom in the long term. So here is our resolution for the year 2017 “Go Legal Go Cashless”.

Here is how the resolution “Go Legal Go Cashless” becomes a unique resolution for 2017. There are obviously big advantages in going cashless. The ease of doing financial transactions is probably the greatest motivator to go digital. Say goodbye to queues, missed dates and carry wads of cash. 

Demonetization is not only dominating headlines in India, but it is also making waves across the world. It is the motive of the Indian Government to build a cashless society for all the economic and social benefits together with their continuous functional problem of managing cash across the country.

It’s such a strong and bold effort to stop duplication of the current banknotes allegedly used for funding terrorism, as well as enforce on black money in the country. The action was also explained as an effort to reduce corruption, smuggling and the use of drugs. Also, it is said this can eliminate instances of middlemen siphoning off the aid and exploiting the poor.

The Go Cashless campaign continues to be the loudest voice to promote the benefits of a cashless society. The government even waived off the transaction charges on a few payment methods such as Digital Wallets, USSD transfer, UPI, Net Banking, Mobile Banking, Credit/debit Card.

If all transactions are on record, it will be very easy for people to maintain the record of their expenditure. It will also help while filing income tax returns and, in the case of an audit, people will find it easy to illustrate their total spend money.

Budgeting your money also result in higher investing and help you organize your spending and savings. There’s a fewer chance of budgetary leaks and unaccounted spends calculating into your budget at the end of the month.

It is said that by the year 2020, nearly $500 billion worth of transactions in India will happen digitally, using online wallets and other digital-payment systems, 10 times of the current amount according to a report by Google India.

Indeed, none of the problems suffered would actually have happened if cashless transactions will be an accepted mode of payment at most business outlets. So to combat with such troubles in future, businesses should go cashless. Besides, a high penetration of the digital payment system is possible on the fact that the same amount of cash does not come back into circulation. If it happened, people are more likely to switch back to the former ease of using cash as it is a habit that they may find difficult to break.

Also, a point to note is that with more and more people resorting to online transactions there has been a spurt in cyber fraud after demonetization. We are not yet trained to keep our details confidential. Also, more scams are likely to depart from social platforms. Beware of this online scam as it's making its rounds nowadays. Your failure to report such crimes may put others at risk.

Friday, December 23, 2016

Planning to Buy a new property?Must know things before buying a property!

Nowadays, most of the people invest a big part of their savings in land. But many people don't know what all things to check while purchasing a land and there are a lot of situations where buyers get trapped! Legal issues are the biggest challenge for a newcomer to the field as real estate is becoming the real business these days.

It’s important to go through the cost of property and modes of a fund for you to protect yourself from becoming the victim of fraudulence. Having a good knowledge about the documents that need to be put in place for the purchase of the property which will help you in protecting yourself against cheating.

It is crucial that the entire procedure is dealt systematically to reduce the difficulty that accompanies it. You can find below the list of documents required for buying a property.

·         Title Deed / Certificate of Title of the land: 
Make sure that the title deed of the land is in the name of the seller. Also, you should verify that he has full right to sell the land and that he is the sole owner of the land. It would be wise to get the title deed reviewed by a lawyer.

·         Encumbrance Certificate:
An encumbrance certificate is an evidence that the property has no monetary and legal liabilities. The encumbrance certificate can be obtained from the sub-registrars office where the deed for the land has been registered. In all cases, governmental authorities will urge on a 13-30 years encumbrance certificate.

·         Survey Sketch:
Get a recognized surveyor to measure the land and see that the dimensions, area, borders etc. are exact as per documents.

·         In the case of "Pledged Land":
Ensure that the seller has paid back all the amounts due. Also, check that land is not pledged and if the land is owned by joint holders then get a "release certificate" from everyone involved which is necessary to release all the debts over the land legally.

·         Power of attorney/s if any:
It is a legal document that results in the grant of authorisation from one person to act for another person. Ensure, the POA owner has no objections to selling the property.

·         Tenure of Land:
If the land is leasehold and the residue tenure of the lease is short. An additional ground rent may be payable by the buyer on the renewal of the lease if there is no provision for renewal on old rent. It is also possible that there may be no renewal clause at all.

·         NOC and Dues:
Make sure that seller has copies of certificates such as NOC and Dues if the premises are in a society.

·         Income-Tax:
If you are buying a new property, you have to pay Service Tax, VAT and Stamp Duty on the total amount of purchase. If you buy re-sale property, then you do not have to pay any of these taxes. If you failed to deposit the amount with the income tax department or did not deduct tax at source (TDS) on time you may have to pay a penalty of up to Rs.1 lakh.

Further, if the seller is a non-resident of India, TDS may be deductible from the consideration paid unless certificate for non-deduction or lower deduction is obtained from the concerned Income-tax officer.

·         Agreement:
Guarantee that agreement for Sale and Sale Deed, duly stamped, performed and registered are in your ownership.

·         Commencement and occupancy certificates:
The completion certificate and occupancy certificates from the planning authority are essential for any construction as per the provision of law. Check out the genuineness of the documents with the concerned authorities.

·         Documentation:
The sale document should be properly stamped and registered and the original title deeds should be taken by the purchaser from the seller.

After all these initial checks are made you can go about the actual process of buying the land.

Every area in the country has a defined specific circle rate. These valuations are revised by the government based on the latest transactions that have taken place in any given area. In most cases one has to pay taxes on valuations are lesser than the actual market value of the property.

If you are choosing for a home loan, always confirm with the bank whether the home loans method is eligible for that particular area. Analyze concerning the current property cost, earlier property selling rates. This will help to negotiate and get the best deal.

If you are a foreign national of non-Indian origin resident outside India, you are not allowed to buy all types of property in India. There are Reserve Bank of India guidelines and Foreign Exchange regulations that restrict NRIs from buying certain types of property.  It is illegal for foreign nationals to own property in India unless they satisfy the residency requirement of 183 days in a financial. It is also illegal to buy property on a tourist visa. However, you have no restriction in buying or selling residential as well commercial properties in India. NRIs can make the purchase using Indian currency, through funds received in the country by means of normal banking channels. These funds have to keep up in a non-resident account under the Reserve Bank of India (RBI) and the foreign Exchange management Act (FEMA) regulations.For more details visit and Talk to a Lawyer!

Thursday, December 15, 2016

Legal Filing against Online Frauds

Online frauds are a growing problem for Internet users. Crooks use clever schemes to defraud millions of people every year. Growth and utilization of information and communication technologies have been following by an increase in criminal activities.

But by now many people have already learned things in the cyber world are often not what they seem; after payment buyer waits for weeks, at first, they got many excuses. But nothing ever comes and the money is gone. Fake emails and websites try to look like they are from actual companies. They're a frequent way criminals try to loot your personal information. When you get an email or visit a website that asks you for personal information, specifically things like passwords and account numbers, be very cautious.

Another famous type of fraud is investment fraud. Mass online investment e-mails have appeared on the Internet. Many offer investors seemingly impartial information free of cost about featured companies or recommending ‘stock prize of the month.’ While legitimate online e-mails can help investors collect valuable information about users. In fact, certain companies pay the persons who send online e-mails cash or securities to promote their stocks. This is against the law, the cyber laws require the e-mails to disclose who paid them, the amount, and the type of this payment, but the fraudsters fail to do so and they track records.

One of the major problems with adequately defining cybercrime is the lack of factual statistical data on these crimes. Laws in different jurisdictions define terms differently, and it is important for law enforcement officers who investigate crimes, also the network administrators who engaged in prosecuting cyber crime need to become familiar with the applicable laws.

What is about the internet becomes the attractive place for scammers? One main reason is the immense growth in the eCommerce sector. Secondly, it is possible to send thousands of spam emails for virtually no cost. It’s so easy to disguise one’s true identity on the Internet, such as by sending an email through a remailer that strips away the real return address. It becomes hard for the investigators to track down the source of internet frauds and filing a complaint against fraudsters become really risky. Thirdly, many victims do not report internet frauds. This might be because of unaware of laws or do not know who to report or they do not think the report will do any good.

The IT professionals need to be educated in computer security and in many other areas: An understanding of what is and isn’t legal, the difference between criminal and civil law, penalty and enforcement issues. Thus, in order to actively engage the IT world in the fight against cyber-crime, it’s really being the challenge to educating IT personnel.

A recent study showing, online retail fraud attempts increased by 30% in past year. The growing popularity of online shopping and an increase in the susceptibility of mobile devices, which customers are using more than ever to make purchases has made it a top target for fraudsters across the world. This prominence on mobile and online fraud is even more disturbing as sellers trust on the upcoming switch to RuPay, MaterCard, and Visa to reduce fraud and are mainly designed to protect in-person purchases from the fake activity. With the right precautions in place, a business can reduce the damage significantly.

For e-commerce businesses, it’s important to have generous return policies and communicate clearly to customers. Instead of pushing your policies on every customer who requests a return, try to work with each customer to find a friendly solution to every issue.

If you've been scammed, there are several ways you can file a complaint:

Collect evidence that your identity was stolen. Identify fraud is when someone uses your name, security number, credit card information, or other personal data to commit fraud. It's important to gather as much evidence as possible so you can report the scam and stop the criminal from continuing to use your identity.
You can report the scammed to below authorities:

Serious Fraud Investigation Office can help if you've encountered telemarketing or online fraud.

National Consumer Disputes Redressal Commission of India: Your state or local consumer protection agency may be able to help if you've been cheated.

Local newspaper, radio, or television stations: Many local media outlets may have a cadre of volunteers to pursue consumer complaints.

However, filing a complaint does not always mean you'll get action or results. You may have to consult with an attorney. He can provide vital assistance in almost every aspect of your issues.
For more details visit and Talk to a Lawyer!.