Demonetization - Page 43

16 Exception to use of old Rs. 500 and 1000 Bank Notes

Central Government vide Notification No. S.O. 3408(E) dated 08.11.2016 specified that bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:— (a) for making payments in Government hospitals for medical treatment and ...

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4 FAQs on Income Tax Aspects of old currency deposit in banks

A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks? ...

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Old demonitised notes can be used to pay Govt Tax, Fees & Penalty

S.O. 3429(E). (10/11/2016)

Old demonitised 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and local bodies;...

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Demonitization of Old Notes : Few Legal & Income Tax Aspects

In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs 500 and 1000 denominations of Bank Notes of the existing series issued by RBI shall cease to be legal tender with effect from 9th November, 2016,...

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All About Demonetization of Rs. 500 and Rs. 1000 Bank Notes

Ministry of Economic Affairs released a press release on 8th Nov 2016 in order to withdraw Legal Tender Character of Old High Denominated bank Notes (OHD) ie; Rs. 500 &Rs. 1,000...

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FM: No Harassment of Small Depositors of Demonetised Notes

FM sais that there will be positive impact of recent decision of demonetising of higher value currency notes. He assured that people making small deposits for exchanging old currency notes will not be harassed....

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ICAI supports replacement of existing Rs 500 & 1000 notes

Dear Professional Colleagues, Taking nation by surprise, our Hon’ble Prime Minister Shri Narendra Modi Ji declared demonetisation of the existing Rs. 500 and Rs. 1000 notes to take them out of circulation as a measure to curb financing of terrorism through the proceeds of fake Indian currency notes and to eliminate black money. I am...

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RBI clarification on Limit for Withdrawal of Cash

RBI/2016-17/123 DCM (Plg) No.1251/10.27.00/2016-17 (10/11/2016)

Cash withdrawal from a bank account over the counter shall be restricted to Rs. 10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of the notification until the end of business hours on 24th November, 2016...

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PIL against Ban on Rs. 500 & Rs. 1000 notes in Bombay HC & SC

As per Hindustam Times Two senior advocates from Mumbai namely Advocate Jamshed Mistry and advocate Jabbar Singh have moved the Bombay high court (HC) urging it to take suo moto cognisance of the Union government’s decision to stop the circulation of all currency notes of the denomination of Rs. 500 and Rs 1,000  arguing that […...

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Payment Systems to remain open on November 12 and 13, 2016

RBI/2016-17/116 DPSS (CO) RTGS No.1212/04.04.002/2016-17 (10/11/2016)

Payment Systems (RTGS, NEFT, Cheque Clearing, Repo, CBLO and Call markets) shall remain open on Saturday, November 12 and Sunday, November 13, 2016....

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