-The Telegraph Over two dozen petitions have challenged the legal and constitutional validity of DeMo A five-judge constitution bench headed by Justice Abdul Nazeer will on Wednesday start hearing a batch of petitions challenging the Narendra Modi government’s demonetisation of high-value currency notes in November 2016. Over two dozen petitions have challenged the legal and constitutional validity of the demonetisation and the short window offered to citizens to exchange the demonetised notes. A three-judge...

-The Hindu Business Line The trend signals normalisation of economic activities to pre-Covid levels With economic activities reverting to normal on most fronts, domestic remittances by migrant workers, too, has touched pre-Covid level and in fact is even higher, according to payment players. “Things have got back to normal, we see a lot of activity in the market. People have gone back to jobs and continue to send money. That market continues to...

-The Indian Express The usage of cash and other cash-based services, however, dipped during the period, the data showed. New Delhi: The month of March, in which the national lockdown began, saw a sharp rise in digital financial transactions countrywide, according to data accessed by The Indian Express. According to the latest Reserve Bank of India (RBI) data, the total value of Real Time Gross Settlement (RTGS) transactions — the biggest online payment...

-The Telegraph The obvious question: if the cash withdrawal isn’t designated as “income”, how can you tax it under the “income” tax act? The Narendra Modi government has left tax consultants and legal eagles deeply puzzled as they try to wrap their heads around the legalese of a change to the income-tax act. The change, incorporated in the budget presented by Nirmala Sitharaman and amended afresh on Thursday, mandates banks to deduct a...

-The Indian Express A 2 per cent TDS on Cash Withdrawals beyond Rs 1 crore may hit the farm trade hard. One of the 2019-20 Union Budget’s less-discussed proposals, having significant implications for agricultural trade, is the levy of a 2% TDS (tax deducted at source) on Cash Withdrawals exceeding Rs 1 crore in a year from any bank account. The levy — aimed at promoting “digital payments” and a “less cash...