Demonetization - Page 10

Indian businesses are most optimistic about economic recovery in 2017: Grant Thornton survey

With demonetisation, business optimism in India has seen a new high. As per latest Grant Thornton International Business Report (IBR) survey, Indian businesses are most optimistic about economic recovery in 2017....

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Posted Under: Corporate Law |

Measures to eliminate tax evasion may have positive impact on GDP

Govt’s measures to eliminate shadow economy and tax evasion are expected to have a positive impact on GDP and fiscal consolidation in long run...

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Posted Under: Corporate Law |

Initiatives to promote use of mobile/e-banking for cashless transactions

Department of Expenditure, Ministry of Finance takes various initiatives to promote use of mobile banking/e-banking technology for cashless transactions and e-payments in Central Government Ministries/Departments; Redresses 4475 out of 4508 grievances successfully under CPGRAMS;...

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Posted Under: Corporate Law |

Figure of SBNs returned released by us earlier is not final : RBI

Press Release: 2016-2017/1783- RBI (05/01/2017)

We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting...

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Demonetization and its Impact on Senior Citizens

Demonetization has affected the seniors adversely. The stated objectives of it are laudable but will they be effective in the long run is any body's guess. But enough has been written on that. Here I will deal with the problems seniors faced during the last weeks and what they will be facing in coming years....

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Posted Under: Corporate Law |

Restriction on currency exchange for foreigners to continue till 31.01.2017

RBI/2016-17/208 A.P. (DIR Series) Circular No. 24 (03/01/2017)

Permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week to continue till 31.01.2017. ...

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Supply 40% bank notes / cash to bank branches in rural areas

RBI/2016-17/207 DCM (Plg) No.2200/10.27.00/2016-17 (03/01/2017)

With a view to ensure that at least 40% bank notes are supplied to rural areas and to mitigate the issue in a more enduring manner, banks maintaining currency chests are advised to take following steps...

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Demonetization – Pains and Gains

It is now almost two months that a very bold decision was taken by dynamic Prime Minister Mr. Narendra Modi. After initial shock within few days the opinion was divided vertically. ...

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Demonetization May Lead to Lower Taxes

There is a general sentiment everywhere that India may witness a lower tax regime hence forth. This is the hope of citizens and businessmen as also being realized (off late) by the Government and tax administration....

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Attention! Resident & Non-Resident Indians returning from abroad

1. The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 has been promulgated, in the follow-up of withdrawal of the legal tender character of the existing series of banknotes, as on 8.11.2016, in denominations of Rs. 500 & Rs. 1000 (referred to as Specified Bank Notes or SBNs). The Ordinance has come into effect from [&...

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