Income Tax : The Tribunal held that cash deposits during demonetisation cannot be treated as unexplained when backed by audited books, invoices...
Finance : Recent reforms in gold, land, and PAN tracking hint at a structured buildup toward another demonetisation. The key takeaway is a t...
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...
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 : Bangalore ITAT held that cash redeposited during demonetisation could not be treated as unexplained under Section 69A when the ass...
Income Tax : The ITAT ruled that failure to produce confirmations from debtors did not justify additions where sales, ledger accounts, and samp...
Income Tax : The ITAT Delhi held that cash deposits representing recorded business sales could not be treated as unexplained under Section 68 w...
Income Tax : The ITAT Mumbai held that cash deposits during the demonetization period could not be treated as unexplained where the assessee's ...
Income Tax : ITAT Ahmedabad held that cash deposits cannot be treated as unexplained merely because they were made in old denomination notes du...
Fema / RBI : RBI reported that 98.44% of ₹2000 banknotes in circulation have been returned since the withdrawal announcement in May 2023. How...
Fema / RBI : The RBI announced the withdrawal of ₹2000 notes in May 2023. As of Sept 30, 2025, 98.35% of notes are returned. Notes remain leg...
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...
Articles discusses recent Demonetisations of the Higher Denomination Notes (Rs. 500 and Rs. 1000) by Government of India – synopsis, consequence and duties
Guidelines for replacement of existing Rs 500 and Rs 1000 notes with new notes and to understand the procedure of scheme and relevant provisions of Income Tax.
Generation of black money and its stashing abroad in tax havens and offshore financial centres have dominated discussions and debate in public fora during the last two years. Members of Parliament, the Supreme Court of India and the public at large have unequivocally expressed concern on the issue, particularly after some reports suggested estimates of such unaccounted wealth being held abroad. The Finance Minister, while responding to an adjournment motion on the ‘Situation Arising out of Money Deposited Illegally in Foreign Banks and Action Being Taken against the Guilty Persons’ in the Lok Sabha on 14 December 2011 gave an assurance that a white paper on black money would be prepared. This document is being presented to Parliament as a result.
I am talking about the reports and memes which say that you will have to pay almost 95% tax on the old cash you deposit in banks. Some in social media even interpreted that the 200% penalty is on the income, thus you need to pay more than your income.
The present restriction on Cash Withdrawals either from ATM or from the Bank Cash counter is to be relaxed immediately taking cognizance of the untold misery of the common man and the small business entities. As of now one can withdraw Rs. 10,000/- only from Bank on a day subject to an overall limit of Rs. 20,000/- per week
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.
The Vice Chairman of NITI Aayog, Dr. Arvind Panagariya has said that the crackdown on black money by demonetization will bring down the inflation.
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.
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.
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 documents.
