Currency ban: Special weekly withdrawal limit for overdraft accounts, and other updates

On the thirteenth day of demonetisation, the Reserve Bank said overdraft and cash credit account holders could withdraw Rs 50,000 per week, the government allowed farmers to buy seeds with the old Rs 500 notes, and the Income Tax department conducted surveys on service providers engaged for a multi-crore wedding in Bengaluru. Here's a round [...]

By | November 22nd, 2016|Revenue|Comments Off on Currency ban: Special weekly withdrawal limit for overdraft accounts, and other updates

Max 7-yr jail for depositing unaccounted money in someone else’s account

The income tax department has warned that people found depositing their unaccounted old currency in someone else’s bank account will be booked under the Benami Property Transactions Act that carries a penalty, prosecution and rigorous jail term of a maximum seven years. In a related development, official sources said that the department has detected over [...]

By | November 21st, 2016|Revenue|Comments Off on Max 7-yr jail for depositing unaccounted money in someone else’s account

How demonetisation of Rs 500, Rs 1000 notes impacts Income-Tax returns

Aiming to combat black money, counterfeit currency notes and corruption, the government demonetised Rs 500 and Rs 1000 notes. Quoting PAN has been made mandatory for cumulative cash deposit of Rs 2,50,000 and above during November 11-December 30, 2016. All this has created a lot of inconvenience and chaos for people. But there is a [...]

By | November 21st, 2016|Revenue|Comments Off on How demonetisation of Rs 500, Rs 1000 notes impacts Income-Tax returns

Cash woes: Government sets up panel to look into concerns of tourists, NRIs

The government has formed an inter-ministerial committee to look into concerns expressed by NRIs, tourists from abroad and foreign missions over demonetisation, the ministry of external affairs said on Thursday. While foreign missions had sought MEA's intervention to facilitate smooth collection of consular and visa fee and to allow them access to more funds, NRIs, [...]

By | November 18th, 2016|Revenue|Comments Off on Cash woes: Government sets up panel to look into concerns of tourists, NRIs

Crackdown on Benami Property & Mega Rural Package Coming

New Delhi: The massive midnight demonetisation drive that Prime Minister Narendra Modi announced last Thursday will soon be followed up with a heavy crackdown on benami transactions in a series of radical measures the government has lined up to rein in unaccounted money. Top sources in the government told CNN-News18 that the crackdown on benami [...]

By | November 17th, 2016|Property/Rent|Comments Off on Crackdown on Benami Property & Mega Rural Package Coming

Demonetisation: Crowds queue up at banks, petrol pumps to exchange money

Exactly a week ago, PM said old notes would be illegal Exactly a week ago, Prime Minister Narendra Modi said that within hours of his announcement, the old notes would be illegal for transactions and must be deposited at banks before the end of the year. He said this was an urgent measure to check [...]

By | November 17th, 2016|Revenue|Comments Off on Demonetisation: Crowds queue up at banks, petrol pumps to exchange money

Here’s how NRIs can safeguard their money in wake of demonetisation

If you are a Non-Resident Indian (NRI) and have currency of Rs 500 and Rs 1,000 you can deposit them in your NRO account. There is no limit on how much you can deposit. The same rules will apply to these accounts as the regular savings bank accounts. So, if the deposit is more than [...]

By | November 17th, 2016|Revenue|Comments Off on Here’s how NRIs can safeguard their money in wake of demonetisation

Govt Eases Cash Withdrawal Norms, Exchange Limit Increased to Rs 4500 Per Day

With public anger rising across the country over limited cash availability, the government eased key restrictions including raising daily withdrawal limit from bank counters and ATM as well as hiking the amount of old and now defunct currency notes that can be exchanged. To augment cash supplies, newly printed hard-to-fake Rs 500 notes were also [...]

By | November 15th, 2016|Revenue|Comments Off on Govt Eases Cash Withdrawal Norms, Exchange Limit Increased to Rs 4500 Per Day

Currency demonetisation: Modi warns of more action against black money holders

Prime minister Narendra Modi warned of more action against people holding illicit cash even as anger rose across the country on Saturday with ATMs running dry and banks struggling to dispense cash three days after the government demonetised high-value banknotes. Union finance minister Arun Jaitley said it would take two-three weeks to upgrade the automated [...]

By | November 14th, 2016|Revenue|Comments Off on Currency demonetisation: Modi warns of more action against black money holders

RBI had plans to issue Rs 5,000, Rs 10,000 notes: Finance Minister Arun Jaitley

The RBI's original proposal was to issue high-value new currency notes in the denominations of Rs 5,000 and Rs 10,000, but the Narendra Modi government finally decided to go in for Rs 2,000 denominations, Finance Minister Arun Jaitley said on Saturday. "RBI's original proposal was to issue Rs 5,000 and Rs 10,000 currency notes, one, [...]

By | November 13th, 2016|Revenue|Comments Off on RBI had plans to issue Rs 5,000, Rs 10,000 notes: Finance Minister Arun Jaitley