Income Tax : Discover the implications of a significant Delhi ITAT ruling on cash sales pre-demonetization. Learn how it affects taxation and f...
Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....
Fema / RBI : Public can continue to use ₹2000 banknotes for their transactions and also receive them in payment. However, they are encouraged...
Finance : Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, inc...
Income Tax : Explore the potential pitfalls and opportunities of the new income tax amnesty scheme. Learn how to convert black money into white...
CA, CS, CMA : SFIO, Ministry of Corporate Affairs, arrests CA Nalin Prabhat Panchal in Hyderabad for failure to honor summons related to Nityank...
Income Tax : No study on effect of withdrawal of legal tender character of the Specified Bank Notes (SBNs) on Indian economy has been published...
Income Tax : Demonetisation, inter alia, led to detection of black money, increase in tax collection and widening of tax base: Union MoS for Fi...
Fema / RBI : Value of counterfeit notes detected in banking system reduced from ₹43.47 crores in 2016-17 to ₹8.26 crores in 2021-22 since d...
Income Tax : An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the...
Income Tax : ITAT Chennai deletes additions under Section 69A for cash deposits made during demonetization by P. Tamilmani. Case highlights pro...
Income Tax : ITAT Chennai remands case for fresh assessment, allowing Ramesh Sreenivasalu to submit documents on demonetization cash deposits. ...
Income Tax : ITAT Ahmedabad sets aside assessment order on demonetization cash deposits, citing natural justice violations. Case remanded for f...
Income Tax : ITAT Chennai allows reassessment of ₹54.70 lakh cash deposits during demonetization, granting the assessee another opportunity s...
Income Tax : Delhi HC dismisses revenue's appeal, affirming that cash sales during demonetization, accounted for and taxed, cannot be treated a...
Fema / RBI : RBI provides an update on the withdrawal status of ₹2000 banknotes, with 98% of notes returned by October 31, 2024....
Fema / RBI : RBI has extended deadline for withdrawal of ₹2000 banknotes to October 7, 2023. Learn about new guidelines and arrangements....
Fema / RBI : Reserve Bank of India's decision to withdraw ₹2000 banknotes has been highly effective, with 93% of these notes already returned...
Company Law : Introduction: In a significant move towards ensuring financial transparency and accountability, the Ministry of Corporate Affairs ...
Fema / RBI : Addressing circulating media reports, the Reserve Bank of India emphatically denies allegations of missing banknotes. The RBI stre...
Assessee can deposit his unaccounted cash into bank and declared it as a current year’s income in next year’s tax return i.e. next Assessment year 2017-18.
On receipt of Payment scroll, PAO, Department of Economic Affairs, Ministry of Finance will debit the expenditure head of Account for MDR charges maintained centrally in Demand for Grant of Department of Economic Affairs by per contra credit to the Major Head 8675-Deposits with Reserve Bank-101- Central -Civil.
There has been a media report about one of the RBI staff at Bengaluru as well. Let me clarify that it was a junior functionary of the Reserve Bank of India
Banks are advised to preserve CCTV recordings of operations at bank branches and currency chests for period from November 08 to December 30, 2016
After Demonetisation, the sole emphasis of the Government is on Cashless Economy or Digital payments. The bold step of demonetisation taken by the PM would become a nullity if the whole country does not adopt cashless transactions. The government wants every citizen to open bank account and use the option of debit cards, credit cards […]
Counterfeit notes detected in the SBNs received in exchange and deposits should be kept branch-wise, in a secured and segregated manner, so that further analysis, as necessary, can be conducted at a later stage.
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.
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.
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.
