-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...
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Cash goalpost is changed, again -Jayanta Roy Chowdhury
-The Telegraph New Delhi: The RBI has said deposits of demonetised notes with a value of over Rs 5,000 would be allowed just once in a bank account between now and December 30. The announcement not only lengthened the list of abrupt changes enforced since the note recall was announced on November 8 but also fuelled suspicion that the government is trying to dissuade people from depositing demonetised notes. The value of such...
More »Questions on cash goalposts -Jayanta Roy Chowdhury
-The Telegraph New Delhi: The Narendra Modi government has started to fumble for explanations, with the original raison d'etre for the demonetisation drive coming under strain because of the high volume of cash deposits that have poured into bank accounts. Almost 80 per cent of the Rs 500 and Rs 1,000 notes that were demonetised on November 9 has come straight back into the banking system, prompting the government to change the...
More »Expect all demonetised money to come back to system: Revenue Secretary Hasmukh Adhia -Khushboo Narayan
-The Indian Express Questions over cost of exercise; will tax black money hoarders, says Adhia Mumbai: THE government expects the entire money in circulation in the form of currency notes of Rs 500 and Rs 1,000 which have been scrapped to come back to the banking system so that the tax authority can trace the transactions and tax black money hoarders, Revenue Secretary, Hasmukh Adhia said on Tuesday. This, effectively, undermines the...
More »Now, transactions older than 6 years in govt cross hairs in war on black money -Suchetana Ray and Mahua Venkatesh
-Hindustan Times New Delhi: The crackdown on black money is not over. With the scheme for voluntary disclosure of unaccounted for wealth now closed, tax officials have launched a drive to unearth hidden incomes and are looking at transactions carried out beyond a six-year ceiling under existing rules, sources said. “The tax department can scan transactions older than six years by invoking clause 197C of the Finance Act, 2016. This clause was introduced...
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