The total amount of money held under the accounts opened under the Jan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show that Jan Dhan accounts have stopped losing money and that the average amount […]
The income tax department has been able to identify millions of non-tax-filers and collect Rs 26,425 cr of self-declared tax by using software to analyze third party financial and transaction data over the last six years, the finance ministry said. The income tax department has been analyzing financial and transactional data since the year 2013 […]
The number of income tax e-filings increased by 19.5% this year compared to last year as demonetization forced many people declare their hitherto undeclared incomes. A total of 3.89 cr e-filings were recorded in the current financial year as of Nov 7, compared to 3.25 cr in the same period of the previous year, the […]
The move to withdraw high-value currency notes in November last year has helped the income tax department unearth Rs 25,000 cr of undisclosed income as of October this year, the finance ministry said. Out of this, Rs 15,761 cr was unearthed by searches and raids, while the remaining was detected using ‘surveys’, the ministry said. […]
Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development. With this, the total gain in NDTV shares in the last four days is 76%. The company, however, said it was not aware of any development that […]
Eight months on, the Reserve Bank of India is yet to finish verifying and counting the 500- and 1000-rupee notes surrendered by the public between Nov 8 and Dec 30, 2016, the finance ministry said in a statement on Aug 11. UPDATE: About ten days after this article was published on Aug 17, the government […]
The demonetization of currency notes late last year has doubled the number of card transactions and helped push India’s payment digitisation by three years, State Bank of India said in a note. “Even after seven months post demonetization, the transaction value is quite large and approximately double of what it had been corresponding month last […]
Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017. The report, brought out by the eponymous real estate classifieds site, also found that the builders were more willing to reduce prices in the aftermath of […]
Many people who booked railway tickets worth thousands of rupees during demonetization period and cancelled these tickets for refunds are yet to get their money back. According to Indian Railway sources, many of these people could end up waiting for 90 days or more to get their money. DEMONETIZATION RUSH When the government announced that […]
State Bank of India and HDFC Bank were the most successful in attracting and retaining deposits in the wake of demonetization of currency, according to an analysis of their deposits growth so far this financial year. The highest growth was reported by State Bank of India, which added a massive Rs 3.15 lakh cr of […]
The number of people who have given their responses under the government’s ‘Operation Clean Money’ has reached 8.38 lakh as of Mar 9, slightly less than half the 17.92 lakh people to whom questions have been sent. The questions were sent in late January and early February, and were supposed to have been replied to last […]
Sand miner Shekar Reddy has been arrested, two weeks after the seizure of crores of rupees and gold in an income tax raid. The arrest has come hours after Income Tax officials conducted a raid on Tamil Nadu’s top bureaucrat chief secretary P Rama Mohana Rao at his home. It was speculated that Rao’s home […]
The Reserve Bank of India has responded to widespread criticism of its directive to collect ‘explanations’ from those depositing more than Rs 5000 by clarifying that this directive will not apply to bank accounts with proper documentation. “On a review of the above, we advise that the provisions of the above circular at sub para […]
Narendra Modi announced several ‘prize schemes’ to promote cashless transactions. Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants. Under the first scheme, any customer who uses any electronic form of payment, including wallets and debit cards, will qualify for a ‘lucky draw’ of Rs […]
The Reserve Bank of India said that any person who continues to hold old notes of 500 and 1000 rupees in bulk will get only one more chance to deposit them into bank accounts and will also have to provide an explanation for the delayed deposit. “Tenders of SBNs in excess of ₹ 5000 into […]
Swaraj India party today said the Income Tax department’s decision to continue to provide immunity to political parties from having to reveal their sources could turn them into money laundering centers. According to Section 13(A) of the Income Tax Act, 1961, if you have registered a political party, you can deposit any amount of money […]
The annual rate of inflation, based on monthly WPI, stood at 3.15% for the month of November, 2016 as compared to 3.39% for the previous month and -2.04% during the corresponding month of the previous year. The fall is largely expected due to the impact of the withdrawal of high-denomination currencies during the month. Build […]
Domino’s Pizza has started cashless payment facility for those who order by phone as well. “Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. However, there are many customers who still order with […]
The story has been withdrawn by the company.
Opening a new front in the fight against black money, Prime Minister Narendra Modi today said people who were forced or tricked into depositing other people’s money into their bank accounts may be allowed to keep the entire sum for themselves. “Do not touch that money,” Modi said, addressing a rally in UP. “I am […]
