Daily Archives: December 16, 2016

Rs. 2600 Crore Undisclosed Incomes admitted due to Income Tax Searches

By | December 16, 2016

Income Tax Searches lead to Admission of Undisclosed Incomes of Rs. 2600 Crore since 8th November, 2016. The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. While Searches have been carried out in 291 cases across the… Read More »

Exchange facility to foreign citizens extended by RBI till 31.12.2016

By | December 16, 2016

RBI/2016-17/186 A.P. (DIR Series) Circular No. 22 December 16, 2016 To All Authorised Persons Madam / Sir, Exchange facility to foreign citizens Attention of Authorized Persons is invited to the A.P. (DIR Series) Circular No. 20 dated November 25, 2016 permitting foreign citizens to exchange foreign exchange for Indian currency notes up to a limit… Read More »

RBI Caped Maximum Charges for Transactions upto Rs 2000 with debit cards

By | December 16, 2016

Special measures upto March 31, 2017: Rationalisation of Merchant Discount Rate (MDR) for transactions upto ₹ 2000/- RBI/2016-17/184 DPSS.CO.PD.No.1515/02.14.003/2016-17 December 16, 2016 The Chairman and Managing Director / Chief Executive Officers All Scheduled Commercial Banks including RRBs / Urban Co-operative Banks / State Co-operative Banks / District Central Co-operative Banks / Payments Banks and Small… Read More »

No charges for Transactions settled upto Rs 1000 through IMPS,USSD, UPI : RBI

By | December 16, 2016

Special Measures upto March 31, 2017 : Rationalisation of customer charges for Immediate Payment Service (IMPS), Unified Payment Interface (UPI) & Unstructured Supplementary Service Data (USSD) RBI/2016-17/185 DPSS CO.PD.No.1516/02.12.004/2016-17 December 16, 2016 The Chairman and Managing Director / Chief Executive Officers All participants in Immediate Payment Service (IMPS), Unified Payment Interface (UPI) and Unstructured Supplementary… Read More »

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

By | December 16, 2016

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 RBI/2016-17/187 IDMD.CDD.No.1453/14.04.050/2016-17 December 16, 2016 The Chairman & Managing Director All Authorised Banks Dear Sir/Madam, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 The Government of India has vide the notification no. S.O. 4061 (E) dated December 16, 2016 announced the “Pradhan Mantri Garib Kalyan Deposit Scheme… Read More »

PMGKDS 2016 – Operational Guidelines by RBI

By | December 16, 2016

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Operational Guidelines RBI/2016-17/188 IDMD.CDD.No.1454/14.04.050/2016-17 December 16, 2016 The Chairman & Managing Director Authorised Banks Dear Sir/Madam, Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 – Operational Guidelines This has reference to the Central Government notification S.O. 4061 (E) and RBI circular IDMD.CDD.No. 1453/14.04.050/2016-17 dated December 16,… Read More »

FAQ’s on PMGKDS- Pradhan Mantri Garib Kalyan Deposit Scheme 2016

By | December 16, 2016

Pradhan Mantri Garib Kalyan Deposit Scheme 2016 1. What is Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS), 2016 is a scheme notified by the Government of India on December 16, 2016 which is applicable to every declarant under the Taxation and Investment Regime for Pradhan Mantri Garib… Read More »

Filing Declaration under PMGKY for declaring black Money – Three Options Opened by Govt of India

By | December 16, 2016

Pradhan Mantri Garib Kalyan Yojana (‘PMGKY The Government has given around 3.5 month’s period for filing declaration under Pradhan Mantri Garib Kalyan Yojana (‘PMGKY’) from December 17, 2016 till March 31, 2017. All declarations under PMGKY shall be furnished to Principal Commissioner or the Commissioner, in any of the following modes: i) Electronically under digital signature, or ii)… Read More »

Jurisdiction for declation filed under PMGKY Notified

By | December 16, 2016

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) New Delhi, the 16th December, 2016 NOTIFICATION S.O.4060(E).— In exercise of the powers conferred by section 199G of the Finance Act, 2016 (28 of 2016), the Central Government hereby— (i) notifies… Read More »