The crucial cabinet meeting of the Union Government on Wednesday approved an ordinance that would end the government’s and the RBI’s liability on demonetised notes after the end of the March 31, 2017 deadline, according to reports. After December 30, the banned notes could be deposited only through RBI-specified…
The Union Cabinet on Thursday is learnt to have cleared significant amendments in the Income-Tax Act fixing the quantum of levy of high penalty on “unaccounted” funds deposited in banks after implementation of demonetisation on November 8. Prime Minister Narendra Modi held a meeting of the Cabinet on Thursday…
The Income Tax Department has begun to send notices to those who made deposits at banks that exceeded Rs 2.5 lakh. Hundreds of notices seeking the source of the money were issued after banks reported cases of “unusual or suspicious volumes of cash deposits” since the Centre’s decision to demonetise Rs 500 and…