Demonetization articles

India’s Cash Deliverance

The financial sector in India is currently experiencing a golden age, and its biggest driver is the effort to move toward a less-cash economy. With reports suggesting that around 95% of all the transactions in the country were made using cash until very recently, it is a well-known fact that the life blood of the Indian economy has been c...

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Posted Under: Fema / RBI |

Demonetisation: Critics Silenced as India moves ahead

Demonetisation broke the backs of those who threatened national security and sent a clear message that it was no longer business as usual. Large deposits are under scrutiny to verify their authenticity....

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Posted Under: Fema / RBI |

Macroeconomic Impact of Demonetisation – A Preliminary Assessment

Demonetisation announced on November 8, 2016 was aimed at addressing corruption, black money, counterfeit currency and terror financing. Although demonetisation holds huge potential benefits in the medium to long-term, given the scale of operation, it was expected to cause transient disruption in economic activity....

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Posted Under: Fema / RBI |

Are you serious, Mr. Prime Minister?

When I heard you during your election campaign for the parliamentary elections in 2014, I just dismissed it as another rhetoric by an aspiring politician…. I am referring to your vow of eliminating black money, the so-called parallel economy running in the country… rather, running the country. ...

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Posted Under: Fema / RBI | ,

India is in the midst of a major Digital Payment Movement

Amitabh Kant India is making an attempt to transition to a digital payment, less cash economy. Given that only a meagre percentage of our population pays taxes, the nation’s economy also grows as more and more transactions come under banking and taxation system through digital payments. Besides, corruption in public life and governance ...

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Posted Under: Fema / RBI |

Making Payments Digitally

It is may not be a big amount but definitely useful says Mukesh Kumar Verma, a teacher of government Primary school at Gonda in UP who received an SMS informing him that he had won Rs 1000 in the Lucky Grahak Yojana. Mukesh who is all for going digital says...

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Posted Under: Fema / RBI |

Marching towards Cashless India

On its part, the NPCI which has been giving big cash awards for use of digital transactions, has so far disbursed over Rs 153 crore to nearly 10 lakh consumers and merchants through Lucky Grahak Yojana and Digi Dhan Vyapar Yojana. These schemes are meant to make digital payments a mass movement. The response through the incentives has be...

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Posted Under: Fema / RBI |

Clash of Cash Part 2- Now its turn of tax officers

Krishna, After demonetization of currency, government has sent notices to tax payers. It is said that there are certain rights given to Income Tax officers to verify the answers of notices and to conduct further inspection. what are they?...

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Posted Under: Fema / RBI |

What will happen after submission of response to notices on cash deposits during demonetization

The IT Department issued online intimations for verification of cash deposits during demonetization to nearly 18 lakh taxpayers of which about 9 lakh submitted response for verification of cash deposits during demonetization. ...

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Posted Under: Fema / RBI | ,

After Demonatisation Next Item Should be Tax Reform

During the last Election PM Narendra Modi promised abolition of Income Tax. In his this Independence Day Speech he said There is a class in the country, especially the middle class, the upper middle class, who is more troubled with income tax officials than the police. I have to change this situation, I am trying and I will change it...

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Posted Under: Fema / RBI |
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