Central government proposes to introduce an amendment to the Income Tax Act in the Parliament that will enable it to levy a 50 percent tax on unaccounted 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[Read More…]
Tag: Black Money
PM Modi has implemented Karl Marx’s idea on black money: Uma Bharti
Senior BJP leader and union minister Uma Bharti said that Prime Minister Narendra Modi was following the teachings of Karl Marx. “Ye Marxwadiyon ka agenda hai jo PM laagu kar rahe hain. Jo kabhi Lohia ne kaha, kabhi Kanshi Ram ne kaha. Balki sahi mein, Marx ne jo kaha, Pradhan[Read More…]
Demonetisation: Bengaluru Police detains Occupy RBI protestors
Over 30 activists, who organized occupy RBI protest in Bangalore against the demonetisation move, were detained by Bengaluru Police on Thursday. Activists from various organizations including CPI (ML) Liberation, AICCTU, New Socialist Alternative/ Peoples’ Solidarity Concerns, Social Democratic Party of India, Street Hawkers Association and Karnataka Tamil Makkal Aaikyam were[Read More…]
Hardship because of demonetisation may continue for a month: Rajnath Singh
Union Home Minister Rajnath Singh on Wednesday said the hardship arising out of demonetisation may continue for around a month. He described the move as the first step towards achieving economic and social freedom. Speaking at a rally in Haryana, Singh asked the people to bear with the difficulties for[Read More…]
Luxury shopping severely hit by demonetisation decision
Prime Minister Narender Modi’s decision to scrap old currency ₹500 and ₹1,000 notes had an immediate impact on luxury shopping. A senior official associated with DLF Emporio told The Luxe Cafe that footfall in the mall has taken an 80 per cent hit from the usual working day crowd in[Read More…]
Demonetisation will reap structural benefits in the longer run: Reports
The government’s sudden move to demonetise ₹500 and ₹1,000 currency notes will have a transitory impact on GDP growth. According to research by ratings agency CRISIL, the new decision will spell significant strutural benefits over the long term. In the longer run, this move will improve the government’s fiscal position[Read More…]
Nothing is bigger than the nation, says Ramdev on demonetisation
Yoga Guru Baba Ramdev on Sunday lauded Prime Minister Narendra Modi’s commitment to the nation over the decision to scrap 500 and 1,000 rupee currency notes. He urged the people to maintain patience while stating that nothing is bigger than the country. Justifying his assertion, Ramdev said black money, corruption,[Read More…]
Teary-eyed PM Modi says wait till Dec 30, punish me if problems later
Prime Minister Narendra Modi on Sunday said that his government will carry on with the fight against black money, targetting those who held benami properties in the country. He was speaking about the demonetisation of high-denomination bank notes at a function organised by the Goa government. He added that he[Read More…]
Demonetisation: Discomfort for the rich, misery for the poor
The demonetisation drive has definitely shaken up the nation from its stupor. It’s a bother for the rich and affluent. Does it dent their black money? Perhaps. But they have found ways to circumvent the demonetisation by finding newer ways to turn their black money to white. Armed with political[Read More…]
PM Modi’s decision is a historic and welcome step
The latest step taken by the PM is a historic move in the India’s history. I believe it marks a new beginning for India’s economy. It’s like BC(Before Currency) and AD( After Demonetization) for me. While in longer run, it is a great move for all around growth of country,[Read More…]
Demonetisation a revolutionary step, will help curb black money: Anna
Social acticist Anna Hazare on Thursday lauded the Centre for its “bold and revolutionary” decision of demonetising Rs 500 and Rs 1,000 currency notes, saying it will curb black money. “This revolutionary step will curb black money, corruption and terrorism (funding) to a large extent,” Hazare said. “The previous governments[Read More…]
Mamata, Mukul Sangma criticise Modi over currency withdrawal
As Prime Minister Narendra Modi on Tuesday told the nation that currency notes of Rs 500 and Rs 1000 will be scrapped, effective from midnight, people, despite facing hurdles supported the move. Even political leaders of various parties came in support of Modi government’s crackdown on black money, except Bengal[Read More…]
Rahul Gandhi slams Modi government’s move to abolish ₹ 500, ₹ 1000 notes
While Congress leader Randeep Surjewala is praising the government’s decision to abolishing ₹ 500 and ₹ 1000 notes, Congress vice president Rahul Gandhi has taken an opposite stand slamming the government over the move. Rahul said that Modi government has once again proved how little it cares about ordinary people[Read More…]
You can deposit as much cash as you want in bank: Arun Jaitley
A day after the government withdrew high-value banknotes, finance minister Arun Jaitley on Wednesday said people can deposit as much cash as they want in banks to get new notes but shouldn’t take it as an amnesty scheme for undisclosed income. Speaking to public broadcaster Doordarshan, Jaitley said the law[Read More…]
Mayhem: ATMs out of cash; train counters refuse to accept ₹500 notes
ATMs in most part of Tamil Nadu dried out on Tuesday night and fights broke out at tollgates and petrol pumps. Travellers suffered as their notes were turned down in railway counters and hotels. People who are travelling from Coimbatore to Jollerpatai have to pay ₹115 for their tickets but[Read More…]
Here’s why people with black money slept peacefully last night
The Prime Minister’s ‘surgical strike’ on black money late on Tuesday evening took most by surprise as was its intention. Coming at the back of the voluntary disclosure of black money along with a one-time amnesty scheme, the decision to scrap Rs 500 and Rs 1,000 notes is seen as[Read More…]
Withdrawal of ₹500 and ₹1,000 notes: 10 things you should know
In a bid to curb corruption Prime Minister Narendra Modi on Tuesday declared ₹500 and ₹1,000 bank notes as illegal tenders. Here are 10 things to know about the development. 1 You can easily deposit ₹500 and ₹1,000 notes in banks from 10th November to 30th December, ie. in 50 days. 2[Read More…]
₹500 and ₹1,000 notes won’t be valid from midnight: Modi govt’s crackdown on black money
In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes of ₹500 and ₹1,000 will be withdrawn from midnight. He said the citizens will have 50 days – from 10 Nov to 30 Dec to deposit notes of ₹500 and ₹1000 in any[Read More…]
Black money worth ₹65K cr disclosed under declaration scheme: Jaitley
Finance Minister Arun Jaitley on Saturday said that more than ₹65,000 crore in black or untaxed money has been disclosed by 64,275 declarants under the centre’s Income Declaration Scheme so far. The four-month window for tax evaders to come clean on black money had ended on Friday. Jaitley said the[Read More…]
Ban on cash transactions above ₹3 lakh: SIT on black money
The Special Investigation Team (SIT) on black money has recommended banning cash transactions of ₹3 lakh and above and restricting cash holding with individuals and industry to ₹15 lakh to curb illegal wealth in the country. Headed by Justice MB Shah, the committee submitted its fifth report to the Supreme[Read More…]
Govt recovers ₹13,000 crore from overseas accounts
The government has uncovered over ₹13,000 crore black money stashed illegally abroad after it was warned by two separate sources in 2011 and 2013. In its bid to crackdown on tax evaders and illegal offshore bank accounts, this spells success for the Narendra Modi-government. On a tipoff from the French[Read More…]