Tag Archives: black money

Demonetisation – A Look Back at the last Two Months

    *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, ...

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Demonetisation Loophole Lies in Exemption of Political Funds

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 ...

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Finance Minister Warns Strict Action on Cash Diversions from Banks

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 ...

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Corrupt Bank Officials Divert Crores of New Currency, Weaken Demonetisation

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 ...

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Demonetisation: Ministry Thanks Banks Which Failed People, Diverted New Notes to Black Money Holders

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 ...

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Post-Demonetisation, Swift IT Raids Greet 400 Cases

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 ...

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Earn Honestly, Pay Taxes Honestly, says Minister

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 ...

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RBI Cracks Whip on Jan Dhan Yojana Bank Accounts, Now it Takes 2 Years to Get Back Rs.2 Lakh Deposited

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 ...

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Declaration of Undisclosed Black Money far less than what’s declared after Demonetisation

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 ...

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Angry at Demonetisation? Modi asks People to Say it in Opinion Poll

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 ...

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Action on Black Money Continues: Minister

There is no official estimation of the amount of black money within the country and stashed abroad and a panel commissioned to study it through National Institute of Public Finance and Policy (NIPFP), National Council of Applied Economic Research (NCAER) and National Institute of Financial Management (NIFM), reported action against tax evasion as is seen now. Appropriate action against tax ...

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Misuse of Jandhan Accounts Will be Punished: Govt

Misuse of earlier announcement by the Government that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department within the limit of Rs. 2.5 lakh will not be allowed any more, warned the government, There are some reports that some people are using other persons’ bank accounts to convert their ...

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26 Indians Probed for Swiss Accounts, Black Money: Minister

Based on the information provided by the foreign government (Germany) regarding banks accounts held by Indians in Liechtenstein and Switzerland, action under the Income-tax Act, 1961 has been taken on the 12 trusts/entities, involving 26 individuals of Indian origin/nationality, said Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha ...

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Currency Crisis Hits Common Man Hard as Banks Still Unprepared

While the middle class and the common man has appreciated PM Narendra Modi’s move to ban Rs.500 and Rs.1,000 notes to wipe out black money in the country ahead of polls in key states, the half-hearted or completely unprepared banks have been showing hell to common man. While RBI, the regulator said ATMs will start re-opening a day after the ...

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Modi Govt Bans Rs.500, Rs.1000 Notes, ATMs Crash, Banks Closed Tomorrow

Soon after Prime Minister Narendra Modi announced onslaught on black money banning Rs. 500 and Rs.1,000 currency notes, the rush to nearby ATMs by hapless citizens turned into a nightmare with ATMs not dispatching money due to overload on servers. Some ATMs dispensed merely Rs.100 notes that too if a customer opts for Rs.400 or less. All those in possession ...

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638 Foreign Assets’ Declarations Made Under Amnesty

The government has received 638 submissions declaring undisclosed Foreign Assets amounting to Rs 3,770 Crore under The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 but the response was far below the expectations. Officer Designated to receive the declarations worked till midnight on 30th September 2015 and E-Filing Portal was also open till midnight to ...

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Scale Down Income Tax to Generate More Revenue: RSS

It was not long ago that Narendra Modi himself vouched for scrapping the Income tax altogether and explore other avenues of revenue generation in India. He was then campaigning for BJP in the general election and the year was 2014. Now, BJP’s strategy ally RSS is invoking similar argument to scale down tax and provide tax relief to bring back ...

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Finance Ministry Opens Black Money Amnesty Window, Sept. 30 Last Date

The Finance Ministry has anounced 30th September, 2015 as the date before which persons can make a declaration about their undisclosed assets located outside India. The Compliance Provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 has also announced that Dec.31, 2015 will be the last date to pay the tax and penalty ...

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Black money abroad: 350 accounts assessed, 60 cases filed: Arun Jaitley

The government has completed assessment of 350 foreign accounts for tax-evasion proceedings have been initiated against 60 account holders as part of its crackdown on black money, Union Finance Minister Arun Jaitley said on Monday. “About 60 prosecutions have so far been launched for wilful attempt to evade taxes [S/276C(1)] and failure to furnish accounts and documents etc [S/276D],” the ...

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Sydney Welcomes Modi, Thousands Keen to Attend India-Aus Unity Event

Prime Minister Narendra Modi on Monday heads towards Sydney with his ambitious project “Make in India”, after attending the high profile G20 Summit in Australia. Allphones Arena in Sydney is all set to welcome the PM, who will attend the mega community event organised by Indian diaspora. While leaving to Sydney, thanking Brisbane, Modi tweeted on his micro blogging site, ...

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