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Tag Archives: Demonetisation

Rs 10,000 withdrawal allowed from Jan Dhan account in a month

MUMBAI: With deposits in Jan Dhan accounts swelling manifolds since the day Prime Minister Narendra Modi announced the withdrawal of legal tender of Rs 500 and Rs 1000 bills the Reserve Bank of India has now started capping withdrawals in these accounts. In a notification issued on Wednesday RBI announced that withdrawals from Jan Dhan accounts would be capped at ... Read More »

Manmohan Singh trashes Modi’s cash crackdown as ‘organised loot’

Former Prime Minister Manmohan Singh, in the Rajya Sabha on Thursday, said demonetisation of Rs 500 and Rs 1,000 currency notes was a “monumental management failure” and “organised loot and legalised plunder”. Singh, also a former Union finance minister and Reserve Bank of India (RBI) governor, said the decision would result in erosion of gross domestic product by two percentage ... Read More »

Unaccounted Bank Deposits May Attract 60% Tax: Sources

New Delhi: The Cabinet on Thursday is believed to have discussed amending laws to levy close to 60 per cent income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes. The move comes amid banks reporting over Rs. 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the 500 and ... Read More »

Infosys, Flipkart, M&M among others go all out to help staff tide over demonetisation crisis

MUMBAI/NEW DELHI: From currency note conversion desks to mobile ATMs and temporary cash withdrawal counters, India Inc. is going all out to help its employees tide over the cash crunch after the government made high-denomination notes illegal two weeks ago. The sudden invalidation of 86% of India’s currency by value, along with curbs on withdrawals from bank accounts and ATMs ... Read More »

Demonetisation: Union Minister latest victim as hospital declines to accept old notes

Union Minister DV Sadananda Gowda has become the latest victim of demonetisation drive after the administration of the Kasturba Manipal Hospital in Mangaluru refused to accept old currency notes to clear pending bills for handing over the body of his brother. Minister of Statistics and Programme Implementation Gowda’s brother Bhaskar Gowda was receiving treatment in the hospital for severe jaundice ... Read More »

Switzerland to Share Information on Indians Holding Swiss Bank Accounts From 2018

NEW DELHI:  In a big step towards fighting black money stashed overseas, Switzerland today agreed to automatic sharing of information with India on Swiss bank accounts of Indians as of September 2018 and onwards. They will not share details about accounts held prior to that period, while the first such exchange will happen in September 2019. The ‘Joint Declaration’ for ... Read More »