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Demonetization

FAQs on withdrawal of Rs. 500 & Rs. 1000 Banknotes (17.02.2017)

Fema / RBI - Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...

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Government’s Go Digital Scheme – A master stroke for small traders and businesses

Fema / RBI - The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash. ...

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Lovers of Money and tax non-compliance society

Fema / RBI - The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

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Cash Transaction 2016 – Frequently Asked Questions

Fema / RBI - If the information displayed under "cash transactions 2016" does not belong to me, what should I do? Ans: In that case, you can select the response The account does not relate to this PAN and click on submit button. Your feedback will be sent to the information source for confirmation....

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Surgical strike on cash transactions by financial bill, 2017

Fema / RBI - After the demonetization government not stopped but continuously makes effort to reduce cash transactions and leads India to a digitalised and transparent economy either by providing subsidy or making laws. On 01.02.2017 Finance Minister presented Budget 2017 which also contains such provision to curb the use of Cash...

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Retail inflation in Delhi, J&K more than double national average

Fema / RBI - The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

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Operation Clean Money gets Overwhelming Response

Fema / RBI - The Income Tax Department (ITD) had initiated 'Operation Clean Money' on 31st January, 2017 for the e-verification of large cash deposits made during 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal....

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Demonetisation: 156 bank officials found involved in money laundering

Fema / RBI - On the basis of prima facie involvement in irregularities relating to demonetisation, Public Sector Banks (PSBs) are so far reported to have placed 156 officials under suspension and to have transferred 41 officials....

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Demonetisation of old notes after months of discussion with RBI: Govt

Fema / RBI - The matter to demonetise currency was under discussion and consultation with RBI for several months preceding 8th November, 2016. The Government in a letter dated 7th November, 2016 requested RBI to consider cancellation of legal tender character of Rs. 500 and Rs. 1000 denomination with the objective to eliminate black money...

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Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme 2016

Fema / RBI - Amendment in Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016; Government decides to allow declarants to make deposits on one or more occasions in the PMGKDS, 2016 ...

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Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court) - In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

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SC dismisses writ on Pradhan Mantri Garib Kalyan Yojana tax scheme

Siddharth Mehta Vs.Union Of India And Anr (Supreme Court) - Writ been filed in SC requesting to quashing/setting aside penalty, surcharge and also provisions for lock-in/withholding of 25% of disclosed income for 4 years under the Taxation Laws (Second Amendment) Bill, 2016, (Pradhan Mantri Garib Kalyan Yojna, 2016), i.e. Section 199D(2), 199E and 199F of ...

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Specified Bank Notes– Chest Balance / Cash Holding Limit

DCM (Plg) No.3217/10.27.00/2016-17-RBI - (13/02/2017) - As indicated thereat, a review was undertaken and it has been decided that till further instructions SBNs deposited in the currency chests, since November 10, 2016, will be considered as part of the chest balance in the soiled note category but such deposits will not be reckoned for calculating Ches...

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No limit on cash withdrawal from 13.03.2017; ₹50000 from 20.02.2017

RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 - (08/02/2017) - Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts....

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Lok Sabha passes bill for cessation of RBI’s /CGs liabilities on Specified bank notes

Bill No. 16-C of 2017 - (07/02/2017) - Following persons holding specified bank notes on or before the 8th day of November, 2016 shall be entitled to tender within grace period with such declarations or statements, at such offices of the Reserve Bank or in such other manner as may be specified by it, namely:—...

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Amendment to Pradhan Mantri Garib Kalyan Deposit Scheme

1. S.O. - (07/02/2017) - Pradhan Mantri Garib Kalyan Deposit Scheme notified vide Notification No. S.O.4061 (E). dated December 16, 2016 and amendment vide Notification No. S.O. 204(E) dated January 19, 2017....

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India Post Payments Bank will be a game changer for financial inclusion-Manoj Sinha

IPPB is widely expected to be a game changer for financial inclusion in the country as the USP of this initiative is doorstep banking, particularly in the rural areas....

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Recent Posts in "Demonetization"

FAQs on withdrawal of Rs. 500 & Rs. 1000 Banknotes (17.02.2017)

Withdrawal of Legal Tender Character of the Old Bank Notes in the denominations of Rs. 500 and Rs. 1000 and The Specified Bank Notes (Cessation of Liabilities) Ordinance 2016...

Read More
Posted Under: Income Tax |

Retail inflation in Delhi, J&K more than double national average

The retail inflation may have been hovering at quite a reasonable level of 3.17 per cent for January, 2017 on an all-India basis, but there is no respite for people right in Delhi along with a couple of other states, suffering the price rise at double the national average, with demonetization leaving its possible impact, ...

Read More
Posted Under: Income Tax |

Cash seized during demonetization eligible for PMGKY deposit scheme

Vishal Jain vs. State of Punjab (Punjab & Haryana High Court)

In case, the petitioner submits any application to the Income Tax Department, the authorities can look into matter for the purpose of declaration of undisclosed income by availing the remedy under the PMGKY Scheme....

Read More

Government’s Go Digital Scheme – A master stroke for small traders and businesses

The government of India offered incentives bonanza for small traders going digital. The government has announced 2% rebate in income tax for small traders and businesses having a turnover of up to INR 2 crores annually for receiving payments via digital mode instead of cash. ...

Read More
Posted Under: Income Tax |

Operation Clean Money gets Overwhelming Response

The Income Tax Department (ITD) had initiated 'Operation Clean Money' on 31st January, 2017 for the e-verification of large cash deposits made during 9th November to 30th December, 2016. Email and SMS were sent to 18 lakh taxpayers for submitting online response on the e-filing portal....

Read More
Posted Under: Income Tax |

Specified Bank Notes– Chest Balance / Cash Holding Limit

DCM (Plg) No.3217/10.27.00/2016-17-RBI (13/02/2017)

As indicated thereat, a review was undertaken and it has been decided that till further instructions SBNs deposited in the currency chests, since November 10, 2016, will be considered as part of the chest balance in the soiled note category but such deposits will not be reckoned for calculating Chest Balance Limit / Cash Holding Limit....

Read More

Lovers of Money and tax non-compliance society

The love towards money can lead to problems like demonetarization of currency etc which can further lead to more tax evaders in our society....

Read More
Posted Under: Income Tax |

Cash Transaction 2016 – Frequently Asked Questions

If the information displayed under "cash transactions 2016" does not belong to me, what should I do? Ans: In that case, you can select the response The account does not relate to this PAN and click on submit button. Your feedback will be sent to the information source for confirmation....

Read More
Posted Under: Income Tax | ,

No limit on cash withdrawal from 13.03.2017; ₹50000 from 20.02.2017

RBI/2016-17/224 DCM (Plg) 3107/10.27.00/2016-17 (08/02/2017)

Effective February 20, 2017, the limits on cash withdrawals from the Savings Bank accounts will be enhanced to ₹ 50,000 per week (from the current limit of ₹ 24,000 per week); and Effective March 13, 2017, there will be no limits on cash withdrawals from Savings Bank accounts....

Read More

Surgical strike on cash transactions by financial bill, 2017

After the demonetization government not stopped but continuously makes effort to reduce cash transactions and leads India to a digitalised and transparent economy either by providing subsidy or making laws. On 01.02.2017 Finance Minister presented Budget 2017 which also contains such provision to curb the use of Cash...

Read More
Posted Under: Income Tax |
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