Demonetization - Page 30

Govt. presents bill in Lok Sabha to tax Black Money

An alternative scheme namely, ‘Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016' (PMGKY) is proposed to be provided in bill. Declarant under this regime shall be required to pay tax @ 30% of undisclosed income and penalty @ 10% of undisclosed income....

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Posted Under: Income Tax | ,

Banks operating currency chests may be allowed to operate CGSS

RBI/2016-17/162 DCM (Plg) No.1438/10.27.00/2016-17 (28/11/2016)

With a view to expand the ambit of the CGSS, it has been decided that banks operating currency chests may be allowed to operate CGSS if they have additional space in their existing currency chest or additional storage space at the same centre which is nearly as safe and secure as that of a currency chest....

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Status of Cash Withdrawal/ Exchange/ Deposit post demonetisation

Press Release : 2016-2017/1349 (28/11/2016)

Banks reported that post demonetisation exchange/deposits effected from November 10, 2016 upto November 27, 2016 amounted to ₹ 8,44,982 crore (exchange amounted to ₹ 33,948 crore and deposits amounted to ₹ 8,11,033 crore)....

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No restriction on cash withdrawal of deposit made in legal tender notes

RBI/2016-17/163 DCM.No.1437/10.27.00/2016-17 (28/11/2016)

It has been decided, on careful consideration, to allow withdrawals of deposits made in current legal tender notes on or after November 29, 2016 beyond the current limits; preferably, available higher denominations bank notes of ₹ 2000 and ₹ 500 are to be issued for such withdrawals....

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Gold Control Act Is In The Offing?

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Advocate Akhilesh Kumar Sah At 8 p.m. on November 8, 2016, Prime Minister Mr. Narendra Modi announced that the Rs. 500 and Rs. 1000 notes shall not be a legal tender from the midnight of November 8, 2016. […]...

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Posted Under: Income Tax | ,

Payment Banks in India

Payment banks (PB) are being introduced to offer basic banking operations like opening and maintaining a savings/current account and creating a secured technologically advanced remittance services by migrant workforce, low income households, small businesses etc. ...

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Posted Under: Income Tax |

PM’s ‘Mann Ki Baat’ address on All India Radio on 27.11.2016

Circular No. 936/26/2010–Central Excise (27/10/2010)

When I asked people for suggestions for ‘Mann ki Baat’, I can say that almost all the suggestions that were received echoed one theme. Everyone wanted me to speak in more detail about the 500 & 1000 rupee notes....

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Posted Under: Income Tax |

RBI Announces Measures to Manage Liquidity Conditions

RBI/2016-17/159 DBR.No.Ret.BC.41/12.01.001/2016-17, RBI/2016-17/ DBR.No.Ret.BC.40/12.01.001/2016-17 (26/11/2016)

Beginning November 9, 2016, there has been a surge in deposits relative to the expansion in bank credit, leading to large excess liquidity in the system. The magnitude of surplus liquidity available with the banking system is expected to increase further in the fortnights ahead....

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Note exchange continues at Reserve Bank counters

Press Release: 2016-2017/1317 (25/11/2016)

RBI advises that exchange of banknotes in ₹ 500 and ₹ 1000 denominations will continue to be available at RBI counters ...

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Exchange facility to foreign citizens of demonetised notes

RBI/2016-17/157 A.P. (DIR Series) Circular No.20 (25/11/2016)

Foreign citizens (i.e. foreign passport holders) can exchange foreign exchange for Indian currency notes up to a limit of ₹ 5000/- per week till December 15, 2016 subject to the tenderer submitting a self-declaration that this facility has not been availed of during the week....

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