-PTI NEW DELHI: The Income Tax Department has asked banks to report cash deposits in savings accounts between April 1 and November 9, 2016. The move seeks to analyze the banking transactions carried out in months before the demonetisation decision was announced on November 8. Besides, banks have also been directed to ask the account holders, who did not furnish PAN (Permanent Account Number) or Form 60 (for those without PAN) at the...
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Govt wants details of cash deposited before note ban -Aanchal Magazine
-The Indian Express Finance Ministry says bank account holders must submit PAN by Feb 28 New Delhi: IN A new set of rules notified on Saturday, the Ministry of Finance has asked banks and post offices to furnish details of cash deposits made during April 1-November 9 last year for amounts adding up to Rs 2.5 lakh or more per person, in all accounts other than current accounts. For current accounts, banks and...
More »Note recall most hurtful: Farmers
-The Telegraph New Delhi: A nationwide network of farmers today dubbed the demonetisation exercise "the most hurtful scheme since independence" and claimed that Prime Minister Narendra Modi's pledges for the agriculture sector announced on December 31 were "a rehash of what already exists". The network of farmers' associations and representatives from across the country said in a letter sent to the Prime Minister that the demonetisation move had shown a "dismaying disregard"...
More »What the RBI Should Do to Minimise the Impact of Demonetisation -Surajit Das
-TheWire.in People have lost their jobs, small businesses are closing down and the agricultural sector has been hit hard as a result of demonetisation. The RBI must increase the supply of cash to curb further fallout. Money is not cash. In fact, cash in circulation was just 14% of all money in 2015-16 according to the Reserve Bank of India (RBI). Measures of money also count close substitutes of cash including the...
More »Pronab Sen, Country director of the International Growth Centre, interviewed by Ajaz Ashraf
-Scroll.in India’s first chief statistician, Pronab Sen, is now country director of the International Growth Centre, which seeks to build effective growth facilities through engagement between policymakers and researchers. In this interview to Scroll.in, he speaks on the 50 days of demonetisation, its failings, its severe impact on the poor, the loss of credibility of the Reserve Bank of India, the push to make India a cashless or less-cash economy, and...
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