Old notes will no longer be accepted at petrol pumps and airline ticket counters starting from Saturday, according to sources. So far, petrol pumps and airlines had been given an exemption from demonetization of 500 and 1000 rupee notes. However, in an effort to control the widespread ‘whitening’ of black money, the government is gearing […]
As part of the ongoing crackdown on tax evasion and illicit funds, the Bharatiya Janata Party has asked all its MPs and MLAs to submit the full details of their banking transactions from Nov 8 onwards. The central leadership of the party will examine the bank statements of these representatives to check for any illegal […]
The government has banned over-the-counter exchange of old 500- and 1000-rupee notes due to suspected gaming of the system by those with black money. According to banking industry sources, the over-the-counter exchange system was being massively misused by hawala operators and others who had illegal funds to convert their old currency into new notes. “The system […]
Fitch Ratings said the positive effects are unlikely to be strong and sufficiently enduring “to support credit profiles” and will impact GDP growth in the current quarter. Though the gains will be substantial in the short-term, they may not last as people may still go back to their old ways after a while. It said […]
He may not be able to deliver the Rs 15 lakhs, but according to a media report, Narendra Modi’s government is thinking of transferring at least part of the black money destroyed through demonetization to Jan Dhan account holders. Jan Dhan accounts were opened in 2014 by economically weaker sections of the population who did […]
The ministry of personnel, public grievances and pensions has refused to provide an answer to the Parliament on whether the proposed amendment to the Prevention of Corruption Act will make investigation of corruption charges against officials difficult. The ministry — which oversees all administrative matters relating to central government employees — has reportedly formulated an […]
Nationalist Congress Party leader Praful Patel said political parties are facing a lot of problems in fighting elections due to the ongoing crack-down on cash by Narendra Modi government. “You know what is going on with fighting elections.. you have also been a treasurer,” Patel said in the Rajya Sabha today, looking at a fellow […]
The average deposit size for people putting their money into banks under the cash demonetization drive is Rs 45,811, according to the data released by State Bank of India. A total of 76,000 cr has been deposited via SBI branches, and close to another 3 lakh cr has been deposited via other banks. QUESTIONS The […]
The country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap. A total of Rs 1,666 cr worth of notes were exchanged. Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth […]
Thanks to technology, the Income Tax department is now able to track all your bank accounts in all the banks in India, and show you the details on its website. The details of your accounts can be seen on incometaxindiaefiling.gov.in — the portal used to file your income tax returns. As of now, only those […]
With money tied up in banks, the Income Tax department has conducted multiple raids across the country to find undeclared income. The raids were conducted in Delhi, Mumbai, Chandigarh and other cities. The raids are being conducted to unearth undeclared cash, according to sources. It is believed that the Income Tax dept was able to […]
With bank withdrawals restricted, the Income Tax Department seems to be taking the opportunity to move in on a long-time target of tax evasion investigators — co-operative banks. Several co-operative banks in Kerala have got Income Tax Department notices seeking details of deposits. It is not known if banks in other states have also got similar notices. […]
Youtuber Gaurav Chaudhary, who goes by the name of Technical Guruji, has set off a minor storm in the gadget reviewer circles by accusing many of his peers of passing on paid reviews for the real thing. Chaudhary dons the mantle of the whistleblower and warns his fellow reviewers and Youtubers not to cheat their audience […]
Former finance minister P Chidambaram said the previous Congress governments had also considered attacking black money by swapping currency notes, but decided against it as it was considered too costly. Talking to mediapersons, Chidambaram said the cost of swapping the notes would be between Rs 15,000-20,000 cr and the benefit should at least be equal […]
The currency ban could give the Bharatiya Janata Party an upper hand in the upcoming UP election by denying funding to opposition parties. The Congress has already attacked the move to ban 500 and 1000 rupee notes with effect from midnight today. Since nearly the entire money used to fight elections in India is in […]
[polldaddy poll=9574508] One of the most interesting aspects of the new move to ‘churn’ high-value currency notes will be its impact on real estate prices. The real estate sector was already reeling from high interest rates, slow economic growth and a fatigue due to the constant rise in prices. However, the new move to churn […]
The government of India will introduce a star rating for mines by next month and start monitoring mining activity using satellite, said mining secretary Balvinder Kumar said at an ASSOCHAM event held in New Delhi today. “If (mines)y don’t get 4 or 5 star rating they will get 2-3 years to comply. By end of […]
63 moons technologies ltd, formerly known as Financial Technologies, said it received a provisional attachment order from the Directorate of Enforcement, Mumbai, attaching securities amounting to face value of Rs 1,065 crore in its demat account. In India, shares and securities are held electronically in a dematerialized (or “Demat”) account, instead of the investor taking […]
63 moons technologies ltd, formerly known as Financial Technologies, said the Directorate of Enforcement, Mumbai has requested the National Securities Depository Ltd. and Central Depository Services (India) Ltd to freeze the Demat Account of the company maintained with them. In India, shares and securities are held electronically in a dematerialized (or “Demat”) account, instead of […]
Supreme Court of India today asked the Union of India to appear and assist on two PIL petitions seeking CBI and SIT probe in the non transparent purchases of VVIP Helicopters by various State government. The order came in the PIL filed by Swaraj Abhiyan which was argued by Lawyer Prashant Bhushan. It is argued […]
