Latest news with #SROs
Time of India
7 hours ago
- Business
- Time of India
T to roll out e-Aadhaar property registration, pilot project in 2 SROs
1 2 Hyderabad: The registration and stamps department will soon introduce e-Aadhaar-based property registration to speed up services, revenue minister Ponguleti Srinivas Reddy announced on Monday. As a pilot project, the system will be launched in Armoor and Kusumanchi sub-registrar offices (SROs). He said the govt has already rolled out several reforms, including the slot booking system for registrations, which has received good response. "In the past two to three months alone, over three lakh slots were booked across sub-registrar offices in the state," the minister said. The govt has also decided to construct integrated sub-registrar offices across Telangana. One such complex will come up in Gachibowli, where chief minister A Revanth Reddy will lay the foundation stone shortly. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad | Gold Rates Today in Hyderabad | Silver Rates Today in Hyderabad As part of this plan, about 39 SROs in Hyderabad, Rangareddy, Medchal and Sangareddy districts will be merged into 11 integrated registration offices in the coming years. Gandipet, Serilingampally and Rajendranagar SROs will be shifted to the upcoming Gachibowli complex, the minister said. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
2 days ago
- Business
- Time of India
TN to roll out ‘presenceless' system in property regn
Chennai: Buying an apartment or plot in Tamil Nadu may soon become a presenceless process, with the state registration department preparing a system where neither buyers nor developers will need to visit sub-registrar offices (SROs) for first-sale registrations. In the first phase, the facility will be optional and gradually made mandatory. Officials said the move is aimed at easing congestion at SROs, many of which function from cramped offices with little space or parking for visitors. Every year, about 36 lakh documents are registered in Tamil Nadu, of which 5.5 lakh are Memoranda of Deposit of Title Deed (MOD) and 3.5 lakh are receipt deeds. On average, 26,000 apartments are registered every month, with Chennai topping the list. The state has 582 SROs. Two years ago, presenceless registration was introduced for MODs, receipt deeds, and residential lease deeds (within five years), but it was not mandatory. Currently, only about 30,000 MODs and receipt deeds are done online. Under the proposed system, once the seller and developer complete the online registration, the respective SRO will access the application, verify the details, and clear the documents. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Could This NEW Collagen Blend Finally Reduce Your Cellulite? Vitauthority Learn More Undo To enable this, the department will provide software to top builders and developer associations. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai | Gold Rates Today in Chennai | Silver Rates Today in Chennai "We plan to roll it out by the end of this year. We are sure that this will cut down corruption, delays and save time. However, it won't be mandatory now," said a senior official from the registration department. "We have to integrate Aadhaar-based authentication, including iris and fingerprint verification, into the process. The developers will have to purchase fingerprint and eyeball scanners alone. These aspects are being looked into and discussed," the official added. Teams from Tamil Nadu have studied similar systems in Madhya Pradesh and other states. The department has also held meetings with banks to explore whether MODs and receipt deeds can be mandatorily brought under the presenceless framework. "Only 30,000 MOD and receipt deeds are registered through online mode now," the official said. The proposal, however, has triggered concerns over safety. With multiple complaints of fraudulent registrations and property disputes already pending across the state, many fear that removing physical presence could open the door to manipulation and forgery. "This move will make the entire process faster and far more convenient for buyers. For developers too, it reduces the hassle of coordinating multiple visits to sub-registrar offices. What we need is a robust system with strong safeguards so that trust is maintained," said S Ramprabhu, chairman of the DTCP committee at the Builders Association of India. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Express Tribune
4 days ago
- Business
- Express Tribune
Power minister voices dismay over lack of consultation
The minister for power has expressed concerns over ignoring the Power Division while providing electricity consumption data of shipbreaking and recycling processes for tariff categorisation and determination by the National Electric Power Regulatory Authority (Nepra). The Economic Coordination Committee (ECC) of the cabinet, in a recent meeting, held discussions on declaring shipbreaking and recycling as an industry. It directed the Maritime Affairs Division to consult the Power Division while gathering data of electricity consumption in shipbreaking and recycling for tariff categorisation and determination. The power minister expressed reservations that the Power Division had not been consulted to ascertain the total electricity consumption by the shipbreaking sector, which was essential. The Ministry of Maritime Affairs recalled that the ship recycling facility at Gaddani, Balochistan had once been the third largest in the world. The sector has largely been operating informally without being officially given the industry status. However, the shipbreaking and recycling sector has been accepted as an industry by the Balochistan Development Authority. The ministry said that the Federal Board of Revenue (FBR), on the recommendation of the Engineering Development Board, had notified Customs General Order No 04/2022 containing a list of locally manufactured goods for providing exemptions and concessions from duties and taxes under the concessionary regimes/SROs for items not manufactured locally. The Pakistan Ship Breakers Association was the only entity manufacturing re-rollable and re-meltable scrap through ship recycling, adding value and providing direct employment to 20,000-24,000 skilled and unskilled workers at Gaddani, along with indirect employment to scores of women in the surrounding areas. The ministry explained that the re-rollable scrap was the key raw material for re-rolling to produce construction bars. Owing to its mild steel composition and strength, it has also been the primary raw material for hundreds of cottage industries, operating in Punjab and across the country, producing thousands of tools and hardware items for industrial and domestic use. It is also used in the manufacturing of wire rods and agricultural implements. The re-meltable scrap (HMS 1&2) is consumed by steel melting furnaces, including large steel manufacturing units, to produce ingots, billets and re-bars. The ministry added that Pakistan had acceded to the International Convention for the Safe and Environmentally Sound Recycling of Ships 2009, known as the Hong Kong Convention, in November 2023. The convention aims to ensure that ships, when recycled at the end of their operational life, do not pose unnecessary risks to human health, safety or the environment. It deals with environmentally sound recycling of ships, the establishment of safe facilities for hazardous material disposal and the welfare of workers engaged in ship recycling. The Hong Kong Convention was set to take effect on June 25, 2025. Therefore, the formal declaration of ship recycling as an industry was necessary to implement the convention within the given timeframe. The Ministry of Maritime Affairs requested the Ministry of Industries and Production to initiate the process for granting industry status to shipbreaking and recycling. The Ministry of Industries responded that there was no specific legal criterion to determine which sector could be declared as an industry. However, as per precedent, each request for such a declaration is submitted by the relevant ministry to the federal cabinet through sharing a summary with the ECC. The Ministry of Maritime Affairs told the forum that a summary seeking the ECC's approval was submitted to the cabinet on March 26, 2025. The cabinet called for obtaining views of the relevant stakeholders, including the ministries of commerce and finance as well as the FBR. These stakeholders supported the proposal. In light of that, the ministry recommended that the shipbreaking and recycling sector should be formally declared an industry to enhance the local manufacturing of re-rollable and re-meltable scrap and to comply with the standards set by the Hong Kong Convention. The ECC's approval was sought for the proposal, which considered the summary submitted by the Ministry of Maritime Affairs and approved the proposal.
Time of India
04-08-2025
- Business
- Time of India
Sub-registrar office under I-T lens for failing to report deals worth Rs1k cr
Nagpur: An ongoing probe of the Income Tax (I-T) Department points out that the sub-registrar office (SRO) at Hingna submitted incomplete information in the statement of financial transactions (SFT) due to which real estate transactions worth close to Rs1,000 crore have skipped the taxman's eye. Data related to last five years is being examined. A slew of agencies like banks, mutual fund houses, jewellers and stock market intermediaries have to file SFT every year. High-value transactions, depending on the limit fixed for each asset, have to be reported to the I-T department through SFT so that they get reflected in the department's system too. On the basis of the data, gains out of high-value deals can be included in the tax returns, said sources. The SROs across the country have to mention details of any property worth Rs30 lakh registered under their respective jurisdiction under the SFT. A new system put in place since the financial year 2024-25 enables the SROs to get the entire data on registrations for property sales worth Rs30 lakh and above at a click of the mouse. It is suspected the SRO under the scanner did not use the system. Rather, details of the transactions were manually noted down. A large number of transactions worth close to Rs1,000 crore found in the SRO's computer systems were not reported, said sources privy to the development. "For example, if a person sold a plot of land for Rs1 crore, there is a chance that the gains may not be reported in the tax returns. However, one cannot escape because the I-T department too gets its data parallelly through SFT," said a source. A random analysis of data by the taxmen showed that something was amiss. The volume of property deeds registered went up considerably, but in terms of monetary value, it nearly halved in a given year. A physical scrutiny of the data revealed a gross mismatch, a source said. REPORTING RULE IGNORED ON A LARGE-SCALE Lack of reporting under SFT has been a major cause of concern for the I-T department. There are limits set for various financial transactions which need to be reported. For example, a cash purchase of jewellery worth Rs 2 lakh needs to be reported. However, there are reports that a number of trading establishments have been ignoring such deals even as the I-T department has been carrying out outreach programmes, said a source. Chartered accountant and former president of Nagpur Chamber of Commerce Limited, Kailash Jogani said the financial entities need to become responsible and promptly report such transactions.
Business Recorder
01-08-2025
- Business
- Business Recorder
Reviving cotton: a call for a unified national policy
Pakistan's cotton sector, once the backbone of the agricultural economy, now stands at a critical juncture. Declining productivity, deteriorating quality and deep-rooted systemic challenges are threatening its future. Without a cohesive and long-term national cotton policy, revival may become increasingly difficult. Recent figures for the 2025–26 season reflect a sharp decline in performance. A report released by the Pakistan Cotton Ginners Association (PCGA) on 15 July 2025 has raised serious concerns. It warns that continued inaction will not only weaken Pakistan's largest export industry, the textile sector, but also significantly increase the national import bill. Several interlinked factors have contributed to this ongoing crisis. In Sindh, water shortages, erratic weather patterns and widespread whitefly infestations have severely affected crop health. Compounding these challenges are issues such as price uncertainty, the inactive role of the Trading Corporation of Pakistan (TCP), and the imposition of an unjustified 18 percent General Sales Tax (GST) on raw cotton and its by-products. This taxation policy places an undue burden on farmers and discourages activity in local markets. Meanwhile, intense and unseasonal monsoon rains have further worsened the situation. Waterlogging in cotton fields and high humidity are expected to lead to increased pest attacks, compromising both crop quality and yield. This creates uncertainty in prices and may disrupt the industrial supply chain, ultimately delaying export commitments. A major obstacle to effective policymaking is the lack of consistent and reliable national data. Various institutions including the PCGA, Cotton Crop Reporting Service (CCRS) and the Pakistan Bureau of Statistics (PBS) publish separate figures, often with significant discrepancies. This fragmentation of data hinders timely and evidence-based decision-making, highlighting the urgent need for a centralized and transparent reporting system. The persistent delay in the issuance of Statutory Regulatory Orders (SROs), particularly those concerning imported cotton, is another pressing concern. Such delays create confusion for manufacturers, affect production planning and undermine investor confidence. Timely issuance of SROs is crucial to maintaining policy continuity and supporting the textile sector's operational needs. Another area of concern is the stalled restructuring of the Pakistan Central Cotton Committee (PCCC), the country's leading cotton research institution. According to the Cabinet Division, PCCC was scheduled to merge with the Pakistan Agricultural Research Council (PARC) by 30 June 2025. However, the lack of progress on this front has left the organization in a state of uncertainty. This delay not only jeopardizes research continuity but also demoralizes the scientists, experts, and support staff involved. Despite the seriousness of the situation, the policy response remains slow and fragmented. While seed improvement is undoubtedly important, it cannot address the broader crisis unless accompanied by a comprehensive, farmer-focused and industry-supported national cotton policy. Cotton is more than just a crop. It sustains the economy, supports millions of rural livelihoods and powers the country's largest industrial sector. Without strong foundations in cotton, the entire value chain becomes fragile. Policymakers must act decisively. A clear, actionable and long-term policy framework is not a luxury, it is a necessity. Failure to act will deepen stakeholder mistrust. Farmers, researchers, and industrialists alike will continue to suffer. In the absence of coordinated national efforts, we risk being left with little more than reports and regrets. Copyright Business Recorder, 2025
