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Income Tax : This type of black money primarily originates from illegal cash transactions. These funds often end up in foreign banks, making it...
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Banks are therefore advised to take appropriate steps in order to meet this likely demand for cash by: (i) for pensioners (ii) for Armed Forces personnel.
Demonetisation: Article discusses do Central Government exceeded its powers under RBI Act by allowing hospitals, petrol pumps, etc to accept invalid notes?
We have updated list of transaction wherein payment could be made through old Rs. 500 and Rs. 1000 notes after considering amendments on 24.11.2016.
Following the cancellation of legal tender character of old Rs. 500 and Rs.1000 notes, a number of measures have been announced by the Union Government, taking into consideration the requirements of various sections of society.
As per the income tax act the assessing officer has the power to call for information under section 133(6). So essentially the notices for calling of information will be sent to all the assesse who have deposited in excess of 2,50,000, by exercising power under this section only.
Deposit of old demonetized notes of Rs. 500 and Rs. 1000 in small Savings scheme. I am directed to clarify that the deposits into Post Office Savings Accounts are excluded from the bar imposed therein.
#Demonetization of high value currency (Rs. 500 and Rs. 1000 notes) w.e.f. midnight of 8-9 November, 2016 is now a fortnight old decision, aftereffect of which is still worrisome and concerning.
Measures to incentivise Electronic Payments – (i) Enhancement in issuance limits for Pre-Paid Payment Instruments(ii) Special measures for merchants
#Demonetisation- Wedding Celebrations- A detailed list of persons to whom the cash withdrawn is proposed to be paid, together with a declaration from such persons that they do not have a bank account, where the amount proposed to be paid is ₹ 10,000/- or more. The list should indicate the purpose for which the proposed payments are being made.
#Demonetisation It is estimated that about ₹ 35,000/- crore would be required by the DCCBs for sanction and disbursement of crop loans to the farmers at the rate of ₹ 10,000/- crore per week.
