President Pranab Mukherjee said on Thursday that demonetization, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy. “We all will have to be extra careful to alleviate the suffering of the poor which might become unavoidable for the expected progress in the long…
As the 50-days of demonetisation exercise ends on Friday, over Rs 4,313 crore of stashed cash has been detected till Thursday by the Income Tax (I-T) Department under the Finance Ministry. Post-demonetisation since November 8 decision to withdraw high-denomination currency notes of Rs 500 and Rs 1,000, the I-T…
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…
Prime Minister Narendra Modi on Sunday reiterated that his Government will soon operationalise a strong law to effectively deal with ‘benami’ properties to carry forward the ‘war’ against black money and corruption and this was just the beginning. In his last Mann Ki Baat of the year, Modi said the government…
The Income Department claims it has seized over Rs 3,185 crore of undisclosed income has been detected while Rs 86 crore worth new notes have been seized as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government, PTI reported on…
Seeking to check the use of black money and money laundering in polls, the Election Commission has urged the government to amend laws to ban anonymous contributions of Rs 2,000 and above made to political parties. While there is no constitutional or statutory provision on the receipt of anonymous donations to political…
Prime Minister Narendra Modi on Friday urged the nation to embrace digital payment methods to ensure that corruption and black money is rooted out of the country. Briefing the media about Prime Minister Modi’s assertion at the Bharatiya Janata Party (BJP) parliamentary party meeting, Union Parliamentary Affairs…
Mahesh Shah, a businessman from Gujarat who made a surprising disclosure Rs 13,860 crore in unaccounted wealth under the Income Declaration Scheme (IDS) two months ago, said on Saturday he was used as a front by some businessmen and politicians to declare the money and would name them soon. “This is not a…
The Reserve Bank of India, issued a notification on Tuesday, said Jan Dhan account holders can withdraw only up to Rs. 10,000 per month. It added that, “Limited or Non KYC compliant account holders may be allowed to withdraw Rs. 5,000 per month from the amount deposited through SBNs after November 09, 2016 within the…
The Reserve Bank of India (RBI) on Monday notified a relaxation on the withdrawal limit of deposits from bank deposit accounts. It announced that it will extend the withdrawal amount over and above the Rs.24,000 weekly limit. “It has been decided, on careful consideration, to allow withdrawals of deposits made in…