Demonetization - Page 20

Digital transactions, not a substitute, for cash transactions: FM

FM Says that digital transactions are a parallel mechanism, not a substitute, for cash transactions; less cash can be gradually substituted through digital payments ...

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Posted Under: Corporate Law |

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Operational Guidelines

RBI/2016-17/188 IDMD.CDD.No.1454/14.04.050/2016-17 (16/12/2016)

Application for deposit under Pradhan Mantri Garib Kalyan Deposit Scheme shall be made in Form II, indicating amount, full name, PAN, Bank Account details and address of declarant....

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Taxation Laws (Second Amendment) Act, 2016 get President’s assent

NO. 48 OF 2016 (15/12/2016)

Taxation Laws (Second Amendment) Act, 2016 / Taxation and Investment Regime For Pradhan Mantri Garib Kalyan Yojana, 2016 received assent of President on 15th December, 2016....

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Tax @ 82.50% even if you received amount via proper banking channels

Yes, in certain case even if assessee received money through proper banking channels still it may attract tax @ 82.50% if assessee could not explain its source, identity and creditworthiness etc of the lender/giver of the amount to the satisfaction of Assessing Officer...

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Govt announces prizes / rewards to promote digital payment

NITI Aayog announces launch of the schemes - Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana - for incentivising digital payment...

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Posted Under: Corporate Law |

Digital Payment System For Parking Charges At Airports

Airports Authority of India (AAI) has issued directions to respective Car Parking Licensees across all AAI controlled airports for evolving a mechanism of e-payment transactions in form of Debit/Credit Cards, Digital Wallets (PayTM, Freecharge, Mobikwik, Reliance Jio etc.)...

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Posted Under: Corporate Law |

Incentivizing payments by citizens of Govt dues upto Rs.1 Lakh reg.

F. No. 1(1)/2006/ECS/TA/670 (15/12/2016)

Procedure outlined in OM is applicable to tax, non-tax and other payments upto Rs.1 Lakh to Government of India made by citizens using Debit cards. ...

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Mobile Wallet to Pay Toll at National Highways

Unstarred Question No. 4720 (15/12/2016)

(a) whether the Government has authorised the use of mobile wallets to pay toll at National Highways (NHs); (b) if so, the details thereof and the objective behind the move; (c) whether a mobile company has received approval from the National Highways Authority of India to digitize payments at toll plazas on NHs, if so, the details thereo...

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Posted Under: Corporate Law |

How much gold you can hold?

If we read the above circular strictly, it exempts seizure of only gold ornaments and jewellery and does not cover gold coins and gold bars. So the income tax officers can seize the gold coins and bars even if the weight is within the limits specified in the above circular in case you are not able to explain source of such gold coins and ...

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Digitisation of the payment process: Where India stands

Among 141 participating countries, India ranked 81st on the Global Innovation Index in 2015. This year, India’s ranking improved to 66th.This is all thanks to the developments India has been making. The latest such development is demonetisation. It has increased the countrys dependence on digital payment processes. ...

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Posted Under: Corporate Law |
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