Tag Archives: black money

    *By Arun Jaitley Two months have passed since the Prime Minister announced the decision that high denominational currency notes would cease to be a legal tender. Subsequently those notes have been demonetised. When 86% of a country’s currency constituting 12.2% of its GDP, is squeezed out of the market and sought to be replaced by a new currency, ...

The loophole in the entire gamut of demonetisation is out finally and the political parties are exempted from restrictions on depositing old currency notes in their bank accounts, said Revenue Secretary Hasmukh Adhia. It means all the black money not returning to the system in the form of individual accounts may as well return in the form of funding to ...

Finance Minister admitted that some unscrupulous people including some in the banking system have been trying to subvert the system once again and accumulating large amount of cash unlawfully. "Obviously, there is a breach of law in this and this is a step which hurts the economy. And therefore, all agencies are keeping an eye on this. They will investigate ...

Ironic but the Indian government’s motive to replace black money with white has reached its peak with series of IT raids revealing the nexus between corrupt bank officials who have diverted new currency to their favourite customers to replace their black money. On the paper, on TV, on social media, Prime Minister Narendra Modi has been defending the most-appreciated move ...

The Finance Ministry has appreciated the role played by the banks post-demonetisation especially when the old currency was accepted and till 24th November, 2016, when exchange of old currency to specified limit was also permitted, despite the fact that crores of new currency notes were diverted by corrupt bank officials and IT raids have made it clear that the demonetisation ...

Income Tax (IT) Department has carried out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November, 2016. More than Rs. 130 Crore in cash and jewellery has been seized and approximately Rs.2000 Crore of undisclosed income has been admitted by the taxpayers, said a statement. Detecting serious irregularities beyond the ...

Union Minister (IC) for Power, Coal, New & Renewable Energy and Mines, Shri Piyush Goyal, addressing a gathering comprising of the trader fraternity at the Less-Cash India Summit, said the demonetisation will bring a change in the way people think and work as it makes the honest feel respected for the first time. It was an idea whose time had ...

As Jan Dhan Yojana accounts meant for the unbanked rural people came under the black money purview with mysterious increase of 60% after demonetisation amounting to Rs.72,834 crore worth deposits since Nov. 8. Now the Reserve Bank of India has cracked the whip limiting withdrawals in these accounts to Rs 10,000 per month. That too only fully KYC compliant holders ...

A total number of 64,275 declarants have made declaration of undisclosed income of Rs.65,250 crore under the Income Declaration Scheme, 2016, which is far less than what’s been unearthed in the form of legal declaration as deposits at around Rs.1 lakh crore in the last 14 days. Under the Income Declaration Scheme, 2016 the amount of tax, surcharge and penalty ...

Amid long queues and opposition demand, Prime Minister Narendra Modi has invited views from the people directly on the recent decision taken by the Union Government regarding currency notes of Rs. 500 and Rs. 1000. People can submit their views through a survey consisting of 10 questions, which is available through the Narendra Modi App. sharing the link to this ...