Tag Archives: demonetization

Demonetization impact on Audit Report for FY 2016-17

By | June 2, 2017

 Demonetization impact on Audit Report for FY 2016-17 In one of the historical reforms of the economy of India, Rs 500 and Rs 1,000 notes were banned effective from Tuesday midnight i.e on midnight of 08.11.2016. Lets study demonetization impact on Audit Report . Demonetization impact on Audit Report : Notifications of Ministry of Company Affairs… Read More »

Demonetization : SOP Issued for Assessing Officer for Verification of Cash Transactions

By | February 21, 2017

CBDT issues Standard Operating Procedures to verify taxpayers’ cash transactions Instructions No 03/2017 Dated 21.02.2017 Related Post on Cash Transactions Cash Transaction 2016 -FAQ’s released for e-filing on income tax website Seized Cash by Police – Eligible for PMGKY scheme- P & H High Court How to reply to Income Tax Notice on SBN Cash… Read More »

Demonetization Impact – Milk producers with bank accounts increase from 49.27% to 63.42%

By | February 6, 2017

Percentage of milk producers/farmers with bank accounts increase from 49.27% to 63.42% after demonetization Cashless transaction to milk producers/farmers increases from 23.82% to 72.25% after demonetization  Consequent upon the Central Governments decisions of demonetization, certain unintended impacts have been observed especially in the sectors thriving upon sheer cash transactions. In this regard, non-availability of funds… Read More »

How and Where to Deposit Old bank notes after 30.12.2016 : RBI prescribed procedure

By | January 1, 2017

Deposit Old notes in RBI after 30.12.2016 : RBI Prescribed procedure For deposit old Notes in RBI , Bank will ensure that accounts are KYC complied. Read following Circular of RBI on prescribed procedure :- Facility for exchange of Specified Bank Notes (SBNs) during Grace Period – Verification of KYC and Account details RBI/2016-17/205 DCM… Read More »

Download Specified Bank Notes (Cessation of Liabilities) Ordinance 2016

By | December 30, 2016

Demonetization ordinance Govt of India has issued Demonetization ordinance  which will be called  :- Specified Bank Notes (Cessation of Liabilities) Ordinance 2016 The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today i.e. on 30th December, 2016. The Ordinance is a follow-up to the decision taken… Read More »

Govt proposed jail to people holding old notes

By | December 28, 2016

 Holding demonetized notes of Rs 5,00 and 1,000 ? Govt of India to bring Ordinance The Union Cabinet has approved an ordinance to impose penalty and a jail term for people holding demonetized notes of Rs 5,00 and 1,000. Only specified category of people will be allowed to keep demonetized notes. However, anyone can possess… Read More »

Banks Branches directed to ensure Deposit Slips reflects Old or New Currency

By | December 12, 2016

Press Information Bureau Government of India Ministry of Finance 11-December-2016 16:56 IST The Ministry of Finance through a letter to all the MDs &CEOs/CMDs of PSBs and Chairman, IBA directs that all the bank branches in the country be alerted to reflect correctly the cash deposit in old and new currency and inform the customers… Read More »

New Book on Benami Property Law and Taxation of Demonetised Notes -December 2016 Edition

By | December 11, 2016

New Law Relating to Benami Properties with Benami Properties Law and Taxation of Demonetised 500/- and 1000/- Notes (December 2016 Edition) What is Benami Transaction?**** What is ‘Benami Property’? Who is benamidar and who is ‘beneficial owner’?****Legal consequences of Benami Transactions,**** Income Declaration Scheme, 2016 (IDS) & New Benami Law,****Pradhan Mantri Garib Kalyan Yojana (PMGKY)… Read More »

Demonetization : Some municipalities collected 13000 Crore Tax – PM Modi

By | November 26, 2016

Text of PMs Speech at a function to commemorate Constitution Day, at Parliament House Annexe, 26 Nov 2016 आदरणीय सुमित्रा जी एवं उपस्थित सभी वरिष्‍ठ महानुभाव 26 नवंबर संविधान दिवस के रूप में मनाना 2015 से प्रारंभ किया| कल्‍पना ये है कि हमारी नई पीढ़ी इस सविंधान के साथ उसकी प्रक्रिया के साथ उसके उद्देश्‍यों… Read More »

Marriage shagun in old currency notes ( Rs 500/ Rs 1000) – Deposit into Bank ?

By | November 25, 2016

Q Guests came to attend my  marriage and had given the shagun in old currency notes of Rs 500 / Rs 1000. Can I deposit the notes in Bank account. If marriage shagun is given on or before November 8, 2016 (in notes of Rs. 500/1,000), then it can be deposited in bank up till December 30,… Read More »

Consequences if banned currency notes accepted after 8th November 2016

By | November 25, 2016

Govt of India has banned Old Rs 500 and Rs 1000 Bank Notes w.e.f 09.11.2016 except for certain exempt payments. read Permissible payments with old bank note Date Extended till 15 Dec 2016 with new items added What are the consequences if I accept banned currency after 8th November? Any contract in lieu of an illegal… Read More »

Small Saving Schemes not allowed to deposit Old currency notes of Rs 500-1000

By | November 23, 2016

Small Saving Schemes not allowed to deposit Old currency notes of Rs 500-1000 Ministry of finance has conveyed vide F.No. 1/04/2016-NS, dated: 22.11.2016 that subscribers of small scheme may not be allowed to deposit old demonetised currency notes of Rs. 500 and Rs. 1000, in Small Saving Schemes. Small Saving Schemes include Post Office Savings… Read More »

PM Modi Invited Views of People of India on Demonetization Decision through Survey

By | November 22, 2016

PM invites views from the people, on decision taken regarding currency notes of Rs. 500 and Rs. 1000 The Prime Minister, Shri Narendra Modi, has invited views from the people, 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… Read More »

No penalty on possession of high denomination notes if period to encash expired

By | November 22, 2016

Facts of the case The Income-tax Officer for the assessment year, namely, 1978-79 had levied a penalty of Rs. 95,000 after completion of the assessment proceedings for the relevant assessment year by invoking the provisions under section 271(1)(c) of the Income-tax Act, 1961 (‘Act’ for short), on the ground, that though the assessee is the… Read More »