"05 December 2016" Archive

India: Demonetisation signals progress in anti-corruption drive but wider challenges remain

Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II The unexpected withdrawal of large currency notes earlier this month is the latest and boldest move of the government to date to tackle the corruption and tax evasion that have long hurt state revenues. However, the move has been poorly implemented and...

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Posted Under: Finance |

Father-in-law is liable to maintain widowed daughter-in-law to the extent of share of her late husband in coparcenary property

Mithai Lal S/o Vs Premlata Sahu W/o & others (Chhattisgarh High Court)

This appeal under Section 19(1) of the Family Courts Act, 1984 has been preferred by the appellant, father-in-law of respondent No. 1 and grand-father of respondents 2 and 3. The trial Court has granted a decree of maintenance in favour of the respondents directing the appellant to pay maintenance amount of Rs. 2000/- per month to the dau...

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CIBIL Report one of the factors to be considered before granting any loan

The information contained in the CIR (which contains credit score) would be one of the factors that banks would consider before granting any credit facility to a prospective borrower. However, it will be the commercial judgment of the concerned credit institution to grant loan or other wise to such borrowers based on their Board approved ...

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Posted Under: Finance |

Measures to Counter effects of currency demonetization on crop sowing

Remedial measures taken include:-(1) The Farmers are permitted to draw upto Rs.25,000 per week in cash from their Know your Customer (KYC) compliant account subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC)....

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Posted Under: Finance |

CVC Investigation against Bank Fraud

Central Vigilance Commission vide circular dt. 05.04.2002 has advised that Chief Vigilance Officers of Public Sector Banks should personally monitor the cases relating to frauds of Rs. 1.00 crore and above...

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Posted Under: Finance |

Govt investigating Gold sale at Premium after Demonetisation

Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged....

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Posted Under: Finance |

GST on Insurance Premium- GST Council to Decide

(a) whether the Government proposes to collect Goods and Services Tax (GST) on insurance premium, if so, the details thereof; (b) whether the Government has received any representations from insurance companies to exclude insurance premium from the ambit of GST, if so, the details thereof;...

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Posted Under: Finance |

Why Govt issued Rs. 2000 Bank notes

Due to persistent moderate to high inflation since then, the value of the same has been progressively eroded in Purchasing Power Parity (PPP) terms. Simultaneously, disposable income levels and GDP also continued to grow. This factor along with rising requirement for banknotes was the reason for introduction of banknote of Rs. 2000 denomi...

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Posted Under: Finance | ,

Govt not imposed higher import duty on Silk import

Representations were received from the Confederation of Indian Textile Industry (CITI) and from the Federation of India Art Silk Weaving Industry (FIASWI), inter alia, to increase customs duty on import of fabrics, in general, from 10% to 20%....

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Posted Under: Finance |

Measures to Impose higher import duty on steel imports

(a) whether the Government has received any representation seeking imposition of higher import duty on steel imports; (b) if so, the details thereof and the reasons therefor; and (c) the action taken by the Government thereon?...

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Posted Under: Finance |
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