8 years post demonetisation: Black money still haunts real estate

Quick Summary:

A striking 90% of citizens believe that black money is prevalent in real estate and construction, where many payments are still made in cash to avoid taxes.

Despite the government’s push for digitisation, a significant portion of the population is either unaware or has not been prompted to link their property documents with Aadhaar.

This is expected to prevent tax evasion, curb illegal transactions, and reduce the usage of black money in real estate deals.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Benami transactions Property records Black Money Urban land records Transparency Rural land digitisation Corruption in real estate Real estate audits Land reforms budget 2024 Land reforms India Government reforms GST receipts Real estate Black money in real estate Corruption Bhu Aadhaar Property fraud prevention DILRMP Real estate transparency Aadhaar Linking Property transparency Black money reduction India Aadhaar linkage Real Estate Aadhaar property registration LocalCircles survey Government RegulatioN Demonetisation Black money Demonetisation Accountability Land digitisation

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 11:01:55 (2 weeks ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 821 words

Reading Time: 5 minutes read

Sentences: 32 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 23467671

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About Business Standard

Main Topics: BusinessFinance

Official Website: business-standard.com

Update Frequency: 185 posts per day

Year Established: 1975

Headquarters: India

News Last Updated: 2 hours ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

Content Availability: Worldwide

News Language: English

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Publisher ID: #49

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