-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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Report cash deposits between April 1 and November 9, 2016, Income Tax Department asks banks
-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...
More »M Govinda Rao, ex-Director, National Institute of Public Finance and Policy (2003-13), interviewed by S Rajendran (The Hindu)
-The Hindu Centre for Politics and Public Policy Prime Minister Narendra Modi's announcement demonetising high denomination notes on November 8, 2016, will do little to address the prime objective of flushing out black money but will adversely affect the economy in the short term, especially the informal sector, which is predominant in India, says M. Govinda Rao, a Member of the Fourteenth Finance Commission and Emeritus Professor, National Institute of Public...
More »How to get the weave right -Seema Bathla & Prateek Kukreja
-The Hindu The government must target labour market rigidities to maximise gainful employment in the textile sector. India’s textile and apparel industry is all set for an overhaul as the new National Textile Policy will soon be placed before the Cabinet for approval. The government has already accepted a Rs.60 billion special package for this sector with an aim to create 10 million new jobs in the next three years, attract investments...
More »Rural to urban migration in India: Why labour mobility bucks global trend -Kaivan Munshi & Mark Rosenzweig
-The Indian Express The percentage of the adult population for four large developing countries — China, India, Indonesia and Nigeria — who are living in cities, as well as the change in this percentage between 1975 and 2000, are plotted in chart. Rural-urban migration is exceptionally low in India. Changes in the rural and urban population between decennial censuses over the period 1961-2001 indicate that the migration rate for working age...
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