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Central Government hereby further amends notification of the Government of India, in Ministry of Finance, Department of Economic Affairs number S.O. 3407 (E) dated 8th November, 2016 published in Gazette of India
FM Shri Arun Jaitley said that one of major objectives of withdrawal of legal tender status on Rs. 500 and Rs. 1000 notes was to move Indian economy further towards digital transactions.
I appreciate intention of Government for demonetization of currency as it might have taken in good spirit for betterment of people as well as our nation. However, following questions/issues which are being circulated through media / social media still remained unanswered which is raising doubts in the minds of common man and need to be clarified :
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.
