Tag Archives: Demonetisation

The Union Cabinet meeting today is likely to take up an ordinance to end the legal tender of the demonetised Rs 500 and Rs 1,000 notes, media reports say. The ordinance will also likely specify the date when the notes will become illegal, which is widely speculated to be 30 December. There have also been reports saying the ordinance is ... Read More »

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 »

A minimum of 50 per cent tax may be levied on unexplained bank deposits made using the banned currency notes up to December 30 along with a 4-year lock in period for half of the remaining amount under the amendments to tax law the government plans to bring in parliament shortly. However, a higher 90 per cent tax and penalty ... Read More »

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 »

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 »

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 »

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 »

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 »