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Currency Ban

Parliamentary committee to question RBI governor on cash crunch

Parliamentary committee to question RBI governor on cash crunch

Sun, Jan 08, 2017

A parliamentary committee, probing the government`s decision to scrap high-value bank notes, has sent the country`s central bank governor a list of questions on the demonetisation process and asked him to appear before it on Jan. 20.

Tax dept to rope in auditors to probe bank deposits

Tax dept to rope in auditors to probe bank deposits

Sun, Jan 08, 2017

With an estimated Rs 15 lakh crore back in the banking system post demonetisation, the income tax department is in talks with leading global tax consultants, including EY, KPMG and PricewaterhouseCoopers, for forensic audit of the data to see if any of it is laundered money.

IT department asks banks to report cash deposits in accounts from April-November

IT department asks banks to report cash deposits in accounts from April-November

Sun, Jan 08, 2017

The Income Tax department on Sunday asked banks to report on cash deposits in accounts from the period April 1 to November 9, 2016, Times Now tweeted.

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Rate, amount of black money regeneration to define ‘new normal’ of GDP growth

Rate, amount of black money regeneration to define ‘new normal’ of GDP growth

Mon, Nov 21, 2016

Demonetisation of higher denominations in India has led to a short term state of paralysis as in the fight against black money, the purchasing power of the people has also been curtailed.

Income Tax Dept may assess only 1% tax assesses on staff shortage

Income Tax Dept may assess only 1% tax assesses on staff shortage

Mon, Nov 21, 2016

The Income Tax department has come under tremendous pressure on account of shortage of staff and they may only focus on catching the big time tax evaders in the country.

Everything you need to know about demonetisation in just 2 minutes

Everything you need to know about demonetisation in just 2 minutes

Sat, Nov 19, 2016

Following the government’s announcement on the currency ban of Rs 500 and Rs 1,000 notes, a series of new developments and improvisations were declared.

Demonetisation turns bitter for Bengal's famed sweet shops

Demonetisation turns bitter for Bengal's famed sweet shops

Sat, Nov 19, 2016

Bengal's sweet tooth is set to turn bitter as makers of the popular rosogolla (rasgulla) and sandesh have been left battered by the central government`s decision to ban Rs 500 and Rs 1,000 currency notes in a bid to weed out black money.

Helping out a friend curtail black money? You could be penalised

Helping out a friend curtail black money? You could be penalised

Sat, Nov 19, 2016

The Ministry of Finance, on Friday said that persons agreeing to deposit other people's black money into their accounts, will also be liable to income tax and subject to penalties.

Demonetisation: India gold premiums surge to two-year highs on fears of import curb

Demonetisation: India gold premiums surge to two-year highs on fears of import curb

Fri, Nov 18, 2016

Gold premiums in India jumped to two-year highs this week as jewellers ramped up purchases on fears that the government might put curbs on imports after withdrawing higher-denomination notes from circulation in its fight against black money.

Cash crunch to hurt Indian palm oil imports

Cash crunch to hurt Indian palm oil imports

Fri, Nov 18, 2016

India's palm oil imports are expected to slip next month by up to a fifth, including from the top two producers Indonesia and Malaysia, as New Delhi`s removal of high-value rupee notes from circulation disrupts distribution systems and curbs demand.

Demonetisation: SBI cash deposits cross Rs 1.2 lakh crore in 7 days

Demonetisation: SBI cash deposits cross Rs 1.2 lakh crore in 7 days

Fri, Nov 18, 2016

Cash deposits in State Bank of India reach Rs 1.27 lakh crore Exchange of old note transactions reach Rs 6,477 crore, says SBI SBI says cash withdrawal transactions amount to Rs 23,337 crore

Indian farmers fear lost crops, income after 'black money' move

Indian farmers fear lost crops, income after 'black money' move

Fri, Nov 18, 2016

For Indian farmer Buddha Singh, who works a small plot of land in the village of Bajna south of New Delhi, the government`s decision to abolish 500 and 1,000 rupee bank notes to crush the shadow economy could hardly have come at a worse time.

Now, get Rs 2,000 cash from petrol pumps

Now, get Rs 2,000 cash from petrol pumps

Fri, Nov 18, 2016

With long queues continuing at banks and ATMs, now petrol pumps will also dispense Rs 2,000 cash per person per day, state-run Doordarshan announced in a tweet on Thursday.

Pay IT dues in advance to avoid last minute rush, says RBI

Pay IT dues in advance to avoid last minute rush, says RBI

Thu, Nov 17, 2016

Reserve Bank has asked income tax assessees to pay their dues in advance for December quarter and has designated a total of 29 banks at which the payments can be done.

Demonetisation: Govt reduces withdrawal limit, eases rules for farmers

Demonetisation: Govt reduces withdrawal limit, eases rules for farmers

Thu, Nov 17, 2016

Department of Economic Affairs (DEA)'s Secretary, Shaktikanta Das on Thursday announced new rules pertaining to the demonetisation move by the government. The rules include the following: 1. Exchange of old currencies have been reduced to Rs 2000 from Rs 4500 from November 18.

Facts vs Myth: Govt clarifies your doubts about demonetisation

Facts vs Myth: Govt clarifies your doubts about demonetisation

Thu, Nov 17, 2016

There have been a lot of rumours going around about the demonetisation move of PM Narendra Modi and the government sought to put them to rest with a series of tweets on Wednesday night.

Demonetisation row: Congress, BSP demand PM Modi's presence in Rajya Sabha

Demonetisation row: Congress, BSP demand PM Modi's presence in Rajya Sabha

Wed, Nov 16, 2016

The opposition leaders in the Rajya Sabha on Wednesday demanded the presence of Prime Minister Narendra Modi in the upper house of Parliament to listen to their views on demonetisation.

Demonetisation: RBI lays down 6-step procedure for banks to use indelible ink

Demonetisation: RBI lays down 6-step procedure for banks to use indelible ink

Wed, Nov 16, 2016

The Reserve Bank of India (RBI) on Wednesday laid down a standard operating procedure to ensure the smooth transaction of money and application of indelible ink on people’s fingers.

NHAI may compensate concessionaires for loss in toll money

NHAI may compensate concessionaires for loss in toll money

Tue, Nov 15, 2016

With government's decision to stop toll collection till November 18 hitting concessionaires, National Highways Authority of India (NHAI) has proposed to compensate up to 75 % of the losses due to the move resulting from demonetisation.

Paytm records 700% increase in overall traffic, crosses 50 million downloads

Paytm records 700% increase in overall traffic, crosses 50 million downloads

Tue, Nov 15, 2016

Paytm on Monday said its overall traffic has increased by 700% with over 1000% growth in the amount of money added to its account after the government’s demonetisation move.

Demonetisation aftermath: No charges on ATM transactions till December 30

Demonetisation aftermath: No charges on ATM transactions till December 30

Tue, Nov 15, 2016

In yet another move to lessen woes of people facing cash crunch, the RBI directed banks to waive ATM charges on all transactions done by savings bank customers till December 30.

RBI told banks to recaliberate ATMs with Rs 100-notes before demonetisation

RBI told banks to recaliberate ATMs with Rs 100-notes before demonetisation

Mon, Nov 14, 2016

In anticipation of the huge demand for lower currency notes, ahead of the demonetisation move, the Reserve Bank of India (RBI) had asked banks to set up Automated Teller Machines which dispensed only Rs 100 notes.

Currency ban: Modi directs steps to disburse more money in rural India

Currency ban: Modi directs steps to disburse more money in rural India

Mon, Nov 14, 2016

In a bid to ensure that people in rural areas are able to get access to cash, the government has enhanced the currency limits of banking correspondents, allowed them multiple visits to banks and disburse more money through branch post offices.

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