The overwhelming finance sector reforms have begun transforming the system as New Deal. Currency crunch is still a problem, digital reach and efficiency not sufficient, yet the popularity of the measure, peoples patience to make it succeed and Prime Minister’s passionate appeals have created the atmospheric for monetary reform.
Haritha Gramam is not just any story but it is the story of Peroorkada, a residential locality in Thiruvananthapuram city which went green by practicing effective waste management at its source.
RBI clarified that it has not initiated any action to cancel banking licence of Axis Bank in wake of certain allegations about some serious irregularities in transactions relating to deposit/exchange of Specified Bank Notes in a few branches of the bank.
In previous GST Law, Schedule IV specified activities or transactions in respect of which Central / State Govt or any Local Authority shall not be regarded as a taxable person.
Banks are advised to maintain, at the Currency Chest level and at link branches level, a Daily Record of Issuances showing serial numbers of Mahatma Gandhi (New) Series banknotes in the denominations of ₹ 500 and above received from RBI as remittance
In terms of Gazette Notification No 2652 dated November 08, 2016 issued by Government of India, Rs. 500 and Rs. 1,000 denominations of Bank Notes of the existing series issued by Reserve Bank of India shall cease to be legal tender with effect from November 9, 2016, to the extent specified in the Notification.
It was brought forth that Government support was required for IT sector in view of increasing trends of protectionism and anti-globalisation abroad. Also rapid changing nature of technology in IT field makes it imperative to focus on R&D in IT, hence, the Government needs to promote R&D and innovation in IT sector in a big way.
Bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers about the same; Action taken in this regard be reported by 16.12.2016.
Central government is taking various initiatives to reduce transactions in cash thereby increasing transactions through banks. So in F.Y. 2016-17 what will be effect of all this and on income tax provisions?
In the first entry of new GST draft law, services provided by an employee to the employer in the course of or in relation to his employment is mentioned. This means that service provided by employee to his employer will not be considered as supply and no GST will be leviable.
