SUPREME COURT STRONGLY DISAPPROVES OF GENERAL POWER OF ATTORNEY SALES

SUPREME COURT STRONGLY DISAPPROVES OF GENERAL POWER OF ATTORNEY SALES

Strongly disapproving of the sale of immovable properties through general power of attorney (GPA), agreement to sell and will, the Supreme Court has declared that such sales of property are not only illegal, but also cause huge loss of revenue to the state exchequer, besides encouraging the real estate mafia and their musclemen to indulge in fraudulent sale of properties to more than one purchaser.

A bench comprising Justices R V Raveendran and J M Panchal also issued notices to the Union government and the states of Punjab, Haryana, Delhi, Uttar Pradesh and Maharashtra seeking details of the steps taken or proposed to be taken by the respective states to deal with the chaotic situation arising from such transactions.
The apex court, while directing the matter to be listed for hearing in the last week of August, has also directed the states to inform the court whether power of attorney sales (that is, transactions involving execution of sales agreement/GPA/will) instead of regular sales are prevalent in their respective states and sought the views of the respective state governments in respect of such transactions.
Justice Raveendran, writing a 13-page judgment for the bench noted, “whatever be the intention, the consequences are disturbing and far-reaching, adversely affecting the economy, civil society and law and order.
Firstly, it enables large-scale evasion of income tax, wealth tax, stamp duty, and registration fees, thereby denying the benefit of such revenue to the government and the public.
Secondly, such transactions enable persons with undisclosed wealth/income to invest their black money and also earn profit/ income, thereby encouraging circulation of wealth, and corruption.
This kind of transaction has disastrous collateral effects also. For example, when the market value increases, many vendors (who effected power of attorney sales without registration) are tempted to re-sale the property taking advantage of the fact that there is no registered instrument or record in any public office, thereby cheating the purchaser.
When the purchaser under such power of attorney sales comes to know about the vendor section, he invariably tries to take the help of musclemen to sort out the issue and protect his rights.
On the other hand, real estate mafia many-a-times purchase properties which are already subject to power of attorney sales and then threaten the previous power of attorney sales purchasers from asserting their rights.
Either way, such power of attorney sales indirectly leads to growth of real estate mafia and criminalisation of real estate transactions.”

The survivor

Suddenly things become different and here after leaving and entering united states even with proper visa papers are getting tougher these days..,
Rathan was in H1b and he just applied for his extension and being accepted. He had plans to go to India for his vacation as he had his sister's wedding to attend. At the same time he thought to go stamping in chennai. He had all his paper work and date was fixed for his appointment in the embassy. Finally after the inquiry his visa was rejected. There was no proper response given. Inspite of having all his papers he was not able to do anything right now. He is not the only one who went across this there are hundred more rathan's in the same place.
One of the common reasoning was there are enough people who don't have jobs in US so they don't appreciate people from outside. There are enough people in the bench so they don't want to recruit new people. There are enough companies who filed for their Bankruptcy so they don't want their company to be in the same stage. Finally, if a company needs to receive the benefit of stimulus package then they are suppose to give first preference for the citizens then to permanent residents and the third will be the H1B's. After this comes the students who are applying for internship or for training. At one period of time interns were paid and later they base don their performance they were provided with the job following the internship. right now there are no internship position which are ready to pay.
On the other hand there are other companies who are trying to utilize this situation by hiring people for less. If there was a job opening in California for IT means the pay was normally 60$ to 120$.., right now they are hiring people for 40$, though we speak about economy and other things how a family will survive with this salary as the employee will get less than 25$ if he has 2 or 3 layers in between. The cost of living has not comedown because the economy is bad. Still the grocery store bill is the same and still you need to pay your utility bill. Generally if an immigrant is unemployed means he receives a monthly amount from the government but imagine the condition of non immigrant who is working here and suddenly he loses his job without anything left in his hand. Getting back to their mother land will not be a very good option as even for going there and doing something he needs the same vitamin M.
I really wonder where are we right now.., what are we gonna do in the future.., still wait for the economy to get better or just pack the bags and leave.., but whatever you decide just ask yourself whether you have reached your destination that u determined.But, you are the proud survivor right now in spite of having all the arrows pointed towards you. Trust me there will be a push which will really make you go high if you still have the same stream of blood running inside you with the same spirit.