MM TAX CLUB

Directorate of Enforcement (ED) has provisionally attached properties worth Rs. 5 Crore approx. under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of Mohammad Akbar Bhat and others in relation to terrorist activities. The attached properties in the form of 07 immovable properties and 02 bank accounts are in the name of various persons viz. Mohd Akbar Bhat, Ms. Fatima shah, Qazi Yasir, Mohammad Abdullah Shah and Mohd, Iqbal Mir and others situated in Jammu and Kashmir

ED initiated investigation on the basis of FIR registered and chargesheet issued by J&K Police for the offences under various sections of Unlawful Activity (Prevention) Act and IPC, 1860 against Mohammad Akbar Bhat, Ms. Fatima Shah, Altaf Ahmad Bhat, Qazi Yasir, Syed Khalid Geelani alias Khalid Andrabi & others wherein accused persons were hand in gloves with Pakistan Handlers who arranged admissions in MBBS & other course in the colleges of Pakistan for Jammu & Kashmir Students for a hefty money around Rs. 10-15 lakh per students

ED investigation revealed that the money was received in their personal accounts and in the bank accounts of Al-Jabar Trust which was a trust opened for the charitable purposes. However, these accounts were used for the purpose of receiving funds from the students and further ploughed into the terrorist activities in India in various ways such as distributing money to stone pelters, providing money to the persons/terrorists based in Jammu & Kashmir on the instructions of Pakistan handlers such as Manzoor Ahmad Shah, Altaf Ahmad Bhat etc.

Further investigation is under progress.

Directorate of Enforcement (ED) has arrested Md Ezhar Ansari on 16/01/2024 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 being found guilty of offence of Money laundering in coal linkage misuse case. Md Ezhar Ansari has produced before the Hon’ble Special PMLA Court, Ranchi on 17/01/2024. The Hon’ble Court has granted ED custody for six days. 

ED initiated investigation on the basis of FIR registered by Jharkhand Police against truck driver Sayyaid Salmani (who works for Ezhar Ansari), Ezhar Ansari & others under various sections of IPC, 1860. Later on, Charge sheet was filed by the Jharkhand Police against Md. Ezhar Ansari & others under various sections of IPC, 1860 and Coal Mines Act. In this case illegally transported coal to the tune of 19 tonnes along with the said truck was also seized by the Jharkhand Police

ED investigation revealed that Md Ezhar Ansari has misused the coal linkage policy under which subsidized coal used to be allotted to small & medium enterprise (SME) for captive consumption. Around 86568 tonnes of coal having market value of Rs 71 Crore was allotted to 13(thirteen) such SME firms of Ezhar Ansari. However, instead of using it for captive consumption, Ezhar Ansari diverted and sold the coal in the open market and generated the equal amount of Proceeds of Crime. Further investigation revealed that these 13 firms/entities have been found to be non-operational/shell entities. Earlier, during searches conducted on 03.03.2023 at the premises linked to Ezhar Ansari, Proceeds of Crime to the tune of Rs 3.58 Crore was found and seized along with many incriminating digital and documentary evidences

ED investigation has also revealed that the accused person has acquired huge Proceeds of crime by selling such coal (of subsidized rate) at the higher price in open coal Mandi of Varanasi and Dhanbad and also invested the Proceeds of crime in immovable properties. Investigation indicated that in lieu of such subsidized coal allotment, Ezhar Ansari used to give bribe/commission to some public servants. 

For the purpose of investigation, repeated summonses were issued to him under section 50 of the PMLA, 2002 but he neither appeared nor submitted any reply to ED. On 16.01.2024, ED conducted search on 3 premises at Hazaribagh linked to him and arrested him from Hazaribagh only. Further investigation is under progress.

Directorate of Enforcement (ED) has arrested Sadhu Singh Dharamsot, Ex. Forest Minister of Punjab under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in relation to various irregularities committed in Forest Department, Punjab during his tenure as Forest Minister and for acquiring financial gains / proceeds of crime thereof & projecting the same as untainted in the form of various assets. 

ED initiated investigation on the basis of FIRs registered by the Vigilance Bureau, Punjab under various sections of IPC, 1860 and Prevention of Corruption Act, 1988, in relation to various irregularities committed in the Forest Department.

ED investigation revealed that Sadhu Singh Dharamsot, the then Forest Minister in Govt. of Punjab took bribes against issuance of permit for felling of Khair trees, transfer/posting in Forest Department, issuance of NOC from Forest Department, purchase of tree guards by Forest Department, etc. It was also found that proceeds of crime were further infused in various assets & layered in various financial transactions. Accordingly, on the basis of investigation conducted under PMLA, 2002, Sadhu Singh has been arrested on 15.01.2024. 

Subsequently, Sadhu Singh Dharamsot has been produced before the Special Court, PMLA, Mohali, and the Hon’ble Court has granted ED custody till 19.01.2024. Further investigation is under progress.

Production Linked Incentive (PLI) Schemes witness over Rs. 1.03 lakh crore of investment till November 2023, which has led to production/ sales of Rs. 8.61 lakh crore and employment generation (direct & indirect) of over 6.78 lakhs. PLI Schemes have witnessed exports surpassing Rs. 3.20 lakh crore, with significant contributions from sectors such as Large-Scale Electronics Manufacturing, Pharmaceuticals, Food Processing, and Telecom & Networking products.

As on date, 746 applications have been approved in 14 Sectors with expected investment of over Rs. 3 lakh crore. 176 MSMEs are among the PLI beneficiaries in sectors such as Bulk Drugs, Medical Devices, Pharma, Telecom, White Goods, Food Processing, Textiles & Drones. Several MSMEs are serving as investment partners/ contract manufacturers for large Corporates.

Incentive amount of around Rs. 4,415 crore disbursed under PLI Schemes for 8 Sectors viz. Large-Scale Electronics Manufacturing (LSEM), IT Hardware, Bulk Drugs, Medical Devices, Pharmaceuticals, Telecom & Networking Products, Food Processing and Drones & Drone Components.

Manufacturing of various electronic components like battery, chargers, PCBA, PCB, camera modules, passive components and certain mechanics have been localized in the country. Green shoots in the component ecosystem wherein large companies such as TATAs have entered into component manufacturing. PLI beneficiaries account for ~ 20% of the market share only, however, have contributed to ~ 82% mobile phones exports during FY 2022-23. Production of mobile phones increased by more than 125% and export of Mobile Phones increased ~4 times since FY 2020-21. Foreign Direct Investment (FDI) increased by ~254% since the inception of the PLI scheme for LSEM.

Due to the PLI Scheme, there has been a significant reduction in imports of raw materials in the Pharma sector. Unique intermediate materials and bulk drugs are being manufactured in India including Penicillin-G. Production of 39 Medical Devices have commenced such as CT-Scan, Linear Accelerator (LINAC), Rotational Cobalt Machine, C-Arm, MRI, Cath Lab, Ultrasonography, Dialysis Machine, Heart Valves, Stents, etc.

Import substitution of 60% has been achieved in the Telecom sector and sales of Telecom & Networking Products by PLI beneficiary companies in FY 2023-24 increased by 370% vis-a-vis Base Year (FY 2019-20). Significant impact on investment in the Drone industry with a CAGR of 90.74%.

Under the PLI Scheme for Food Processing, sourcing of raw materials from India has seen significant increase which has positively impacted income of Indian farmers and MSMEs. Sales of Organic Products increased and Indian brand visibility enhanced in the international market through Branding & Marketing abroad. The Scheme has also led to increased Millet procurement – from 668 MT (FY 20-21) to 3,703 MT (FY 22-23).

Keeping in view India’s vision of becoming ‘Atmanirbhar’, PLI Schemes for 14 key sectors [with an incentive outlay of Rs. 1.97 lakh crore (over US$26 billion)] are under implementation to enhance India’s Manufacturing capabilities and Exports.

PLI Scheme across these key specific sectors has started to make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology; ensure efficiencies; create economies of scale; enhance exports and make India an integral part of the global value chain.

PLI Schemes have transformed India’s exports basket from traditional commodities to high value-added products such as electronics & telecommunication goods, processed food products etc.

The Pension Fund Regulatory and Development Authority (PFRDA) notified the Point of Presence (PoP) Regulations 2023, simplifying the registration process with the objectives of ease of doing business and greater usage of digital mode.

With this notification, banks and non-banks can act as PoPs to on-board NPS subscribers. Now, they require only single Registration for NPS, instead of multiple registrations earlier, and can operate with just one branch with wider digital presence. The timeline for disposing off applications has been reduced from 60 days to 30 days.

The above simplification is in line with Union Budget 2023-24 announcement to review regulations to reduce the cost of compliance and enhance the ease of doing business.