In a sharp U-turn, the Reserve Bank of India has withdrawn the restrictions imposed on bank deposits exceeding Rs 5000 in old notes. In a circular issued to banks on Wednesday, the RBI said it was revoking the restrictions after reviewing the case.
Finance minister Arun Jaitley on Tuesday said the government's decision to tweak the presumptive income norms would reduce the tax liability by up to 30 per cent for those small traders opting for digital transactions.
The Reserve Bank of India (RBI) Monday announced fresh restrictions on bank deposits till December 30. For amounts exceeding Rs 5000 in old Rs 500 and Rs 1000 notes, they can now be deposited only once per bank account.
The government today said any unaccounted cash or deposit in a bank account before April 1, 2017, can be disclosed under a new disclosure scheme that comes with 50 per cent tax and penalty.
The Supreme Court on Friday refused to pass any interim order extending exemptions permitting the use of scrapped currency notes for essential services, even medical, and left it to the Centre to take the call.
Offering a window to black money holders, the Modi 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 Union Cabinet late on Thursday cleared a proposal to amend the Income Tax (I-T) Act to levy close to 60% deduction on unaccounted deposits in banks above a threshold, reports say.
There is some relief for those frustrated by long queues outside banks and ATMs as from today you can drive into a petrol pump to draw cash. Just swipe your debit card at petrol stations run by state-run oil companies...
Ruling BJP legislator Bhawani Singh Rajawat has caused quite a controversy by criticising the Narendra Modi government's decision to ban Rs 500 and Rs 1,000 notes and alleging that industrialists Gautam Adani and the Ambanis had prior information of the demonetisation decision and all this has been caught on camera.
While long queues continue to form outside banks and ATMs the government today announced another set of measures to ease the huge cash crunch after the sudden currency ban last week. Farmers and families organizing weddings have got some reprieve in the latest announcement.
The Supreme Court on Tuesday refused to stay the demonetiosation of Rs 500 and 100 currency notes by Narendra Modi government announced on the night of November 8 purportedly to curb the menace of black money.
Economic Affairs Secretary Shaktikanta Das, in a press meet on Tuesday, made a few announcements to deal with the crisis of cash crunch. Das said from today indelible ink would be used at banks to ensure people don't go for multiple withdrawals.
As banks opened on Tuesday after remaining closed on Monday on account of Guru Nanak Jayanti, people in large numbers started queuing up outside them as well as outside ATMs to withdraw valid currency notes from vending machines and exchange demonetised bills.
Amidst reports of people facing hardships all over the country, in trying to convert their currency at banks and in withdrawals at ATMs, Finance Minister Arun Jaitley said around Rs 2 lakh crore has been deposited till 12.15 pm on Saturday in banks across the country, following demonetisation of Rs 500 and Rs 1,000 notes.
Making their next move against Cyrus Mistry, the Tatas have removed him as chairman of group company Tata Consultancy Services or TCS. They have also sought a special meeting of the board of another group company, Indian Hotels, to remove Mistry as its director.
Markets showed a recovery after latest election results indicate that Hillary Clinton has narrowed the gap with Donald Trump in the race for the presidency.
With the aim of curbing the menace of black money and fake currency, Prime Minister Narendra Modi has announced the decision to ban existing 500- and 1000-rupee notes from midnight today.
New Delhi: A Delhi court on Friday issued a non-bailable warrant against liquor baron Vijay Mallya for allegedly evading summons in a case of FERA violation. The court noted that "he has scant regard for the law of the land and has no intention to return to India."
New Delhi: Under the proposed Goods and Services Tax (GST) regime, people and entities can pay taxes online using debit or credit cards, the government informed on Sunday.
Snapdeal's Unbox Diwali sale is off to a roaring start as more than two million users logged in during the first hour of sale to quickly lock into a whole array of great deals on offer.
New Delhi: The Supreme Court, on Friday, ordered Sahara chief Subrata Roy to be sent back to jail. After spending two years in jail, Roy is out on parole. The apex court had previously extended the parole of Subrata Roy till September 23, which was granted to him in May on humanitarian grounds after his mother passed away.
New Delhi [India), Sept. 13: Applauding the Consumer Affairs Ministry for issuing new guidelines to companies involved in direct selling, the Federation of Direct Selling Association (FDSA) has described this development as "the end of an identity crisis" for the industry.
New Delhi [India], Sep 13: India's number one cross category classifieds business Quikr has announced the acquisition of StayGlad, a leading marketplace for beauty services in a move to further strengthen the market leadership of its beauty service brand, AtHomeDiva, by enabling it to take on even more beauty services requests under its services vertical, QuikrServices.
New Delhi, Sep 13: SeaSoul Cosmeceuticals, the company specialising in manufacture and distribution of skincare products has launched its first make-up academy, the 'SeaSoul Make-Up Academy by Manisha Chopra' in Gurgaon, amidst great anticipation.
New Delhi [India], Sept.13: The India UK TECH Summit 2016, India's largest knowledge and technology conference and exhibition, will be held in New Delhi from 7-9 November 2016.
New Delhi [India], Sep 12: The Indian FMCG market and interestingly the long ignored men's grooming market is seeing a huge spurt in demand. Rising consumer lifestyle expectations and increasing disposable incomes in urban areas coupled with growing image and appearance awareness among men is driving the growth of men's grooming products all over the world and the Indian male is not willing to be left far behind.
New Delhi [India], Sep 12: The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03 percent more than the net collections for the corresponding period last year.
Vadodara [India], Sept. 11: With the Defence Research and Development Organisation (DRDO) writing to Brazilian company Embraer, seeking details on a report that it employed an agent to sell three EMB 145 aircraft to the DRDO in 2008, Defence Minister Manohar Parrikar on Sunday asserted that if the issues in the case display a criminal nature, then it will be handed over to the Central Bureau of Investigation.
New Delhi [India], Sep 10: Technology content in manufacturing will go up significantly as India aims to grow at a rate of eight to 10 percent for decades. India needs access to technology, a critical enabler for growth, and join the global supply chain in all spheres.
New Delhi [India], Sept.10: MakeMyWishes.com is an innovative online portal that efficiently connects your family and friends, locally and globally, helping you to make a wish with open eyes. The one-of-its-kind platform empowers you to make your wishes known to your loved ones and let them know what you need.