Providing a window to black money holders, the government on Monday proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught The Taxation Laws (Second…
It is Prime Minister Narendra Modi’s dream to see the nation doing cashless transactions and riding on the road to cashless economy the Defence Minister Manohar Parrikar while addressing the media said, “As per PM Modi’s call for a cashless economy, I think Goa is a place where the cashless economy can be…
Indian government’s decision to scrap high-valued notes of Rs 500 and Rs 1000 which accounts for more than two-third of the cash stream will lead to “immediate but temporary” fall in device sales in Q4 2016, according to research firm IDC. In the mobile phones segment, IDC analysts revised the estimated sales…
Unaccounted deposits made in old currencies up to December 30 will attract a 50 per cent tax and a lock-in about four years if it is declared to the Income Tax Department, sources in the government said on Friday, as the central government continues to plug holes 20 days after it announced that high-value currency…
SBI Chairperson, Arundhati Bhattacharya, said on Thursday, , “Digital transactions have really gone up in the sense that if you look at my PoS transactions, it is 300 per cent up in numbers and 200 per cent by value. If you take a look at the wallet, the wallet download is hugely up. In fact, we have never seen so…
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…
As people continue to face cash crunch after the scrapping of high value notes, the Union government on Wednesday decided to waive off MDR (Merchant Discount Rate) charges on use of debit cards and service charges on online Railway ticket booking till December 31. “Public sector banks and some private sector banks…
One of Kerala’s biggest superstars, Mohanlal, has come out in support of the Prime Minister’s crackdown on black money. Mohanlal is quoted as having said in his blog post: “I believe that his speech contained elements that proves that he has thoroughly studied the issues faced by the country. I heard our PM…
In a bid to help small merchants meet transactional needs after demonetisation, the Reserve Bank of India on Tuesday said it has doubled the limit balance that can be kept in digital wallets to Rs 20,000. The RBI, in a statement released on Tuesday, said: ” A special dispensation has now been enabled for small…
The Reserve Bank of India (RBI) has provided some relief to small borrowers and firms struggling to make repayments on their loan dues due to a shortage of cash. In a press release issued on Monday, the RBI offered an additional 60-days to certain categories of borrowers to make good on their dues. The relief extends…