Power Minister Piyush Goyal on Saturday dispelled rumours that Finance Minister Arun Jaitley was unaware of demonetisation. He said that he knew it and kept it as secret despite being “very friendly and open”. “When the bombshell (demonetisation) came… Every body wanted to know how Mr Jaitley could keep the[Read More…]
Tag: Demonetisation
Women delivers baby in bank queue at Kanpur
It may sound bizarre but it is true that a woman delivered a child while standing in a queue to withdraw cash in front of Punjab National Bank in Jhinjhak area of Kanpur Dehat district. Women customers helped Sarvesha Devi, a resident of Sardarpur Ke Majra Shahpur Dera, deliver the[Read More…]
Weird! Stray cattle banned from producing more than 3 kg dung per day
In a rather strange order, a municipality in Gujarat has banned stray cattle from producing more than three kilograms of dung per day (for calves the cap has been put at one kilogram a day). Also, the owners of cattle who defecate more than 3 kgs a day will be[Read More…]
Major crackdown after demonetisation: Rs 4 crore of new notes, gold seized
In the major crackdown post the demonetisation, the Income Tax department seized more than ₹ 4 crore of new notes on Thursday during the search operation on several location in Bengaluru and other spaces. The searches officials said were launched on the property of two engineers working with the state[Read More…]
More than half of the demonetised notes deposited: Where is black money?
Black money was the main reason given by the government for demonetising high value notes. The estimates showed the amount of black money is around ₹ 3 lakh crore to ₹ 5 lakh crore. This figure was not anticipated to be deposited in the banks. But the cash deposited in[Read More…]
Demonetisation: Loss to biz: 75%; 3-6 mths for normal biz activities: CAIT Gen Secy
Stating that the initial loss to business due to demonitisation as high as 75 per cent, National secretary general of the Confederation of All India Traders (CAIT) Praveen Khandelwal says “it will take three to six months for normal business activities to resume”. What are your observations about demonetisation move[Read More…]
Aadhaar number could soon replace all card transactions
Soon 12-digit Aadhaar number could replace all card transactions as the government is gearing up to strengthen the Aadhaar enabled transactions as part of its drive to help India become a cashless economy. The move, which is part of an all-round approach towards enabling digital payments and is being driven[Read More…]
Demonetisation: Villagers barter grains for goods to beat cash
Villagers have found a way out to beat the cash crunch caused by government’s decision to demonetise ₹500 and ₹1000 currency notes, as they have been bartering grains for goods to meet the daily needs. As per the reports pouring in from Ghazipur village of Uttar Pradesh, a villager offered[Read More…]
Jewellery/gold purchased out of disclosed income not to be taxed
The finance ministry on Thursday said that the Amended I-T Act will not apply to tax jewellery/gold purchased out of disclosed income or exempted income or reasonable household savings, reported Indian Express. The announcement by the Central Board of Direct Taxes (CBDT) has given a major relief to the people[Read More…]
Demonetisation carried out in ‘haphazard’ manner: Former PM Deve Gowda
Former Prime Minister HD Deve Gowda, who had implemented a Voluntary Disclosure Scheme (VDS) to unearth black money during his tenure, on Thursday said the present government had carried out demonetisation in a “haphazard” manner causing “unimaginable sufferings” to the people. The Janata Dal (Secular) chief said Prime Minister Narendra[Read More…]
Old Rs 500 notes valid till Dec 2 for fuel, air ticket purchase
The government on Thursday cut short the deadline of using old ₹500 notes at petrol pumps and for buying airline tickets at airports till December 2 instead of December 15 announced earlier. With effect from December 3, 2016, old ₹500 notes cannot be used for the purchase of petrol, diesel[Read More…]
Demonetisation effect : Used car sales drops by 40%
In the wake of demonetisation move, car dealers are saying that sales of used car have been hit hard by the cash crunch in market. The demand for used car has been dropped by 30 percent after the announcement of demonetisation, Times of India reported. As the user car market[Read More…]
Jaitley slams Kejriwal for ‘misrepresenting changes in taxation law’
Finance Minister Arun Jaitley on Wednesday took Delhi chief minister Arvind Kejriwal to task for “factually misrepresenting changes in the tax law” and asserted that there will still be a penalty of 200% for misreporting income under Section 270A of the Income Tax Act. Jaitley made this clarification on Twitter,[Read More…]
RBI limits Jan Dhan account withdrawal to ₹ 10,000 per month
Reserve Bank of India has issued a notification which limits the Jan Dhan account holders to withdraw only ₹10,000 a month, as a temporary measure to avoid money laundering. “With a view to protect the innocent farmers and rural account holders of PMJDY from activities of money launders and legal[Read More…]
Respond to notebandi with vote bandi: Mamata Banerjee to UP voters
West Bengal CM Mamata Banerjee on Tuesday addressed a massive rally in Lucknow against government’s demonetisation move. Asking people to give a fitting reply to the government in the UP election, Mamata said “respond to notebandi with vote bandi”. She also dared Modi to conduct a secret ballot among BJP[Read More…]
PM must take bank account details of 6 months before announcement of demonetisation: Kejriwal
After Prime Minister Narendra Modi on Tuesday said that BJP lawmakers need to submit their bank transaction details since the currency ban, Delhi chief minister Arvind Kejriwal said the PM should ask for their transaction details of the last six months. Kejriwal took to Twitter and said that PM Modi[Read More…]
Digital payments future of financial transactions: Jaitley
Asserting that hard cash in India would become obsolete in the near future, Union Finance Minister Arun Jaitley on Monday said that digital payments like e-wallet system and mobile banking would rule the roost which would immensely benefit the people. “In future, the proportion of hard currencies in India is[Read More…]
IAF pulled in for help to quickly deliver newly printed notes
The Indian Air Force has airlifted over 160 tonnes of new currency notes from four printing presses to various parts of the country to cut down the time taken to transport cash from the source to main distribution centres to meet the surge in demand post demonetisation, reports PTI. The[Read More…]
Demonetisation: 50 per cent tax on unaccounted deposits, 85 per cent if caught
Intensifying its black money hunt, the government tabled a Bill to amend the Income Tax Act in the Lok Sabha on Monday to impose more tax, penalty and surcharge on deposits made after the demonetisation drive was launched nearly three weeks ago. The amendments provide a window to black money[Read More…]
Why did Yahikkakka shave half his head?
Demonetisation has been the talk of the town for 3 week now. Prime Minister Narendra Modi’s scrapping of Rs 500 and Rs 1,000 from the financial system of India on November 8 came as a shock to many. Long lines at the ATM and banks have become a common sight[Read More…]
Demonetisation: Twitter war between Mahesh Sharma and Kejriwal
A wedding in union minister Mahesh Sharma’s family has seized the attention of Arvind Kejriwal, who tweeted on Monday questioning how he is paying for it after the currency ban. Kejriwal tweeted in Hindi: “BJP MP Mahesh Sharma’s daughter is getting married. Is the entire payment in cheque? Has he[Read More…]
Rs 40 crore deposited in banned notes at Axis bank: I-T cells search bank premises, residences
Amid currency ban, the income tax ( I-T) department has conducted a search at the Kashmere Gate branch of Axis bank in New Delhi and found that around Rs 40 crore was deposited in banned currency notes since demonetisation. The I-T department also conducted search operation at the residence of[Read More…]
Demonetisation will make economy stronger: PM on his Mann ki Baat
Prime Minister Narendra Modi on Sunday said he was confident that India would shine like gold after the government’s decision to demonetise high-value currency notes that would curb unaccounted wealth in the country. “Just like gold we will emerge glowing from this fire. The main reason behind this confidence is[Read More…]
Narendra Modi declared all Indians crook: Amartya Sen on demonetisation drive
Reacting to the government’s decision to demonetise ₹500 and ₹1000 currency notes, Bharat Ratna and Nobel laureate, Professor Amartya Sen, said that both, the idea and the way it was implemented, was akin to a “despotic action” and betrayed the “authoritarian nature of the government”. “Telling the public suddenly that[Read More…]
Before demonetisation BJP bought land worth crores in Bihar: JD (U)
Days before Prime Minister Narendra Modi announced demonetisation, BJP reportedly bought land worth crores in different districts of Bihar. Bihar Chief Minister Nitish Kumar’s Janata Dal United has alleged that a series of land purchases made by the BJP in the state for party offices before the Centre’s crack down[Read More…]