black money - Page 20

CBI Registers a case against DGM & AGM of Union Bank of India

(07/03/2017)

CBI REGISTERS A CASE AGAINST DGM & AGM, BOTH OF UNION BANK OF INDIA AND THREE PROPRIETOR/DIRECTOR OF PRIVATE FIRMS & OTHERS FOR ALLEGED VIOLATION OF RBI GUIDELINES...

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Posted Under: Fema / RBI |

Online Verification of Cash Transactions 2016 on AIMS Module in ITBA

F. No. DGIT(S)-ADG(S)-2/Online verification of Cash Transactions/157/2016 (09/03/2017)

The response(s) filed by the tax payer(s) on Cash Transaction 2016 module on e–filing portal is shared with the officer/Assessing officer(s) through AIMS This directorate has issued the EFS Instruction No. 61 dated 21.02.2017 related to its functionalities....

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Are you serious, Mr. Prime Minister?

When I heard you during your election campaign for the parliamentary elections in 2014, I just dismissed it as another rhetoric by an aspiring politician…. I am referring to your vow of eliminating black money, the so-called parallel economy running in the country… rather, running the country. ...

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Posted Under: Fema / RBI | ,

“Arey O… Samba Benami Property Par Kitna Inam Rakhe hai Sarkar?”

Modi government has brought in hard provisions for the persons having benami property and for tax evaders. There was a reward in the movie, Sholey for catching Gabbar Singh, so now, will the government be able to catch the benamidar and confiscate the benami property? And how will it be possible?...

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Posted Under: Fema / RBI |

India is in the midst of a major Digital Payment Movement

Amitabh Kant India is making an attempt to transition to a digital payment, less cash economy. Given that only a meagre percentage of our population pays taxes, the nation’s economy also grows as more and more transactions come under banking and taxation system through digital payments. Besides, corruption in public life and governance ...

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Posted Under: Fema / RBI |

Towards Double Digit Farm Growth

Rabi crop sowing has seen an eight per cent rise this season. Reports say the kharif crop this season is going to be a record 297 million tone because of better rain fall. The building of better panchayat roads, 2000 kms of coastal connectivity roads and 130,000 panchayats getting high speed broadband under BharatNet will certainly impro...

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Posted Under: Fema / RBI |

Marching towards Cashless India

On its part, the NPCI which has been giving big cash awards for use of digital transactions, has so far disbursed over Rs 153 crore to nearly 10 lakh consumers and merchants through Lucky Grahak Yojana and Digi Dhan Vyapar Yojana. These schemes are meant to make digital payments a mass movement. The response through the incentives has be...

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Posted Under: Fema / RBI |

Notice U/s. 133(6) for cash deposited during demonetisation

Instruction No. 4/2017-Income Tax (03/03/2017)

Notice under section 133(6) of the Act is required to be issued, after obtaining prior approval of Pr. CIT/CIT/Pr. DIT/DIT as provided in the Act, in cases where the 'person under verification' fails to file Online response in a timely manner in spite of issue of reminder by the Assessing Officer. ...

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Clash of Cash Part 2- Now its turn of tax officers

Krishna, After demonetization of currency, government has sent notices to tax payers. It is said that there are certain rights given to Income Tax officers to verify the answers of notices and to conduct further inspection. what are they?...

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Posted Under: Fema / RBI |

Law on Cessation of RBI Liability on demonetised bank notes get Presidents Assent

No. 2 of 2017 (27/02/2017)

Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any director, manager, secretary, or other officer or employee of the company, such directo...

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