Demonetization - Page 43

Penalty on Cash deposit of Rs.500/1000 note in Bank Account in India

The ban of Rs.500/1000 note in India is creating havoc in the Indian markets. Everybody is either rushing towards banks or towards jeweler market to safeguard the black money....

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Posted Under: Income Tax | ,

Crackdown on black money by demonetization will bring down inflation

The Vice Chairman of NITI Aayog, Dr. Arvind Panagariya has said that the crackdown on black money by demonetization will bring down the inflation....

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Posted Under: Income Tax |

Exemption of Toll fee on National Highways extended till 14.11.2016

government has decided to extend the suspension of fees on all toll plazas on National Highways across the country till the midnight of 14.11.16. Earlier the exemption had been allowed till the midnight of 11.11.16....

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Posted Under: Income Tax |

Daily Reporting of exchange of ₹ 500/- and ₹ 1000/- Bank Notes

RBI/2016-17/125 DCM (Plg) No.1264/10.27.00/2016-17 (11/11/2016)

Withdrawal of Legal Tender Character of existing ₹ 500/- and ₹ 1000/- Bank Notes in terms of which the banks are required to report daily position on exchange of SBN to RBI....

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Issue of Pre-Paid Instruments to foreign tourists

RBI/2016-17/127 A.P. (DIR Series) Circular No. 17 (11/11/2016)

In order to avoid any inconvenience to foreign tourists, Authorized Persons may issue Pre-paid instruments to them in terms of the instructions issued by Department of Payments and Settlement System, Reserve Bank of India, in exchange of foreign exchange tendered. Passport may be treated as a valid document for issuance of the said docume...

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Govt departments can withdraw cash in excess of Rs. 10000

RBI/2016-17/124 DCM (Plg) No.1256/10.27.00/2016-17 (11/11/2016)

Governments Departments may be allowed to draw cash beyond the stipulated limit of ₹ 10,000/-, in exceptional cases, only on production of evidence justifying their cash requirements in writing, ...

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STT & Former SC judges welcome govt move to demonetize Rs. 500 & Rs.1,000 notes

The Government has taken a bold step to demonetize Rs. 500 and Rs.1,000 notes; While it is a step in the right direction, a few steps would need to be taken to not only ensure that people holding black money in cash are not able to convert it into white ...

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Posted Under: Income Tax |

Exemptions to cancellation of Rs. 500 & 1000 notes to continue till 14.11.2016

S.O. 3445(E). (11/11/2016)

Government extends existing exemptions with rergard to cancellation of the legal tender character of the existing series of high denomination bank notes of Rs.500 and Rs.1,000 denominations until the expiry of 14th November, 2016...

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200% Income tax penalty on Cash deposit in bank account

On-a-days lot of messages are been circulated on social media that cash deposited in a bank may attract tax and penalty of 200%, I have tried to explain the provisions of Income Tax Act 1961 in this respect....

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Posted Under: Income Tax | ,

16 Exception to use of old Rs. 500 and 1000 Bank Notes

Central Government vide Notification No. S.O. 3408(E) dated 08.11.2016 specified that bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:— (a) for making payments in Government hospitals for medical treatment and ...

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Posted Under: Income Tax | ,
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