Page 30 - Demonetisation

Rs 2 lakh is the cash transaction limit, Aadhaar mandatory for I-T returns

If you receive more than Rs 2 crore in cash in a single transaction or many transactions relating to a single event from next month, you may have to cough up a penalty equivalent to the amount got by you, in case an amendment to the Finance Bill, 2017 is passed by the Lok Sabha. The limit proposed for legal cash payment in the Budget for 2017-18 was Rs three lakh and the government proposed to bring it down to Rs two lakh as part of unprecedented 40 amendments to the Bill moved by finance minister Arun Jaitley in the lower house. In a way the government has proposed to further tighten noose on cash transactions. The proposal came at a time when there are reports that digital transactions have come down. The opposition protested against record 40 amendments. Experts said while stiffer rules are praiseworthy, penalty should not be so huge to begin with. "In the official amendment to the finance Bill, the government has proposed that limit of Rs three lakh for cash transactions, ...

Post Modi's UP victory, analysts sing a different tune on demonetisation

Predictions of slower economic recovery and job loss appear to have been turned on their heads

Demonetisation impact: ED arrests Sekhar Reddy, 2 others in PMLA case

Reddy was earlier arrested by the CBI too in the same case

Last chance to come clean: Taxmen warn black money hoarders of action

The amount deposited in the PMGKY scheme is refundable after four years without interest.

Modi's demonetisation move is a big leap forward, says Ambani lauding PM

India has taken a big leap forward from a predominantly cash economy to digit, said Ambani

Note ban bites income tax dept, Q4 advance tax mop-up falls 10%

Deptt had collected Rs 1.01 lakh cr in advance taxes from the city in March quarter of previous FY

Costs Rs 2.87-3.77 to print each new Rs 500/2000 note: Govt

RBI currency chests had received Rs 12.44 lakh cr in form of junked notes as of Dec 10, 2016

Black money: I-T prosecution action triples this financial year

Under I-T laws, a court conviction for tax offences can lead to imprisonment of up to seven years

Note ban will not help India in corruption fight: T N Srinivasan

Srinivasan said that govt needs to come out with a well thought-out policy to combat corruption

Note ban success hinges on higher tax compliance, says Arvind Subramanian

He also said the number of taxpayers needs to go up for the cash ban move to be called a success

Cash is back:Jolt of currency crunch not enough to digitise India

Millions of small traders who started making and accepting online payments have gone back to cash

Reason to cheer: No more limits on cash withdrawals at ATMs

RBI had announced last month that the restrictions would be lifted on March 13

How many Rs 500 and Rs 1,000 notes were deposited by December 31?

The government had hoped for a fiscal bounty from demonetisation

Demonetisation and the GDP: The growth conundrum

Analysts now expect growth to slow down in the fourth quarter

Sectors take note as demonetisation ends

Partial recovery for some but full normalcy for all still some time away

Cash pullback had 'little impact' on India's growth: Meghnad Desai

India's growth was higher than China's 6.8 per cent for October-December of 2016

Holding scrapped currency notes beyond December 31 'illegal': Centre to SC

Posting the matter for March 21, the bench said: 'If required, we will extend the date'

Notes in circulation drop to Rs 11.73 lakh crore, post ban

There were Rs 16.41 lakh crore worth currency notes in circulation as on March 31 last year

February auto sales move to recovery lane as note ban impact wears off

Domestic car sales ticked up to 1,72,623 units as against 1,64,559 in February last year, up 4.9%

Over Rs 11.64 lakh crore has been remonetised: FM Jaitley

He said cost of the currency note is the function of direct and indirect material and labour cost