-Business Standard RBI says it has released only Rs 4 lakh crore but Banks have received Rs 11.55 lakh crore in deposits from the public; 65% currency remains unreplaced New Delhi: Even as India grapples with an acute shortage of currency notes, Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday announced that Rs 4 lakh crore (19.1 billion notes) had been injected into the system. The crunch might go on...
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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 »Income tax department to use analytics to look for discrepancies in Bank accounts -Sachin Dave
-The Economic Times MUMBAI: For the first time, the income-tax department will use big data analytical tools to go through personal Bank deposits to segregate black money holders from genuine tax-payers, two people in the know have said. While the government has used big data analytical tools for corporate tax reporting in some cases in the past, this is the first time that it will use analytics on such a large scale...
More »I-T operations since cash Ban yield Rs 2,000 crore; Over 400 inquiries conducted after Nov 8
-The Times of India NEW DELHI: The income tax department has unearthed over Rs 2,000 crore in unaccounted income in search and survey operations across the country since the demonetisation of Rs 500 and Rs 1,000 notes on November 8. The department also seized over Rs 130 crore in cash and jewellery. In a press note on Tuesday, the I-T department said it carried out more than 400 investigations after November 8....
More »Demonetisation effect: 2,500 lose jobs as Howrah jute mill shuts -Bibhas Bhattacharyya
-Hindustan Times A jute mill in West Bengal’s Howrah district has temporarily closed down citing its inability to pay workers in the absence of Rs 500 and Rs 1,000 notes that were scrapped by the Narendra Modi government. The notice by the management of Sree Hanuman Jute Mills that threw about 2,500 workers out of jobs was issued around 10pm on Monday, on a day chief minister Mamata Banerjee apprehended a loss...
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