WHAT HAPPENED DURING DEMONETISATION?


The Citizens and the Politicians were totally confused, during the Demonetisation.  There were everyday RBI and CBDT notifications.  The Government went berserk and taken aback with the ways,  the money launderers, black money holders and criminals  tried to get their ill gotten money into the system by depositing the CASH into some bank account. The … Continue reading WHAT HAPPENED DURING DEMONETISATION?

The daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017,from the existing ₹ 2,500/- to ₹ 4,500/- per day per card. -RBI


BI/2016-17/204 DCM (Plg) No. 2142/10.27.00/2016-17 December 30, 2016 The Chairman / Managing Director/ Chief Executive Officer, Public Sector Banks/ Private Sector Banks / Foreign Banks/ Regional Rural Banks / Urban Cooperative Banks/ State Cooperative Banks District central Cooperative Banks Dear Sir, Cash withdrawal from ATMs – Enhancement of daily limits Please refer to our circular … Continue reading The daily limit of withdrawal from ATMs has been increased (within the overall weekly limits specified) with effect from January 01, 2017,from the existing ₹ 2,500/- to ₹ 4,500/- per day per card. -RBI

The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today (30-12-2016)


The Ordinance is a follow-up to the decision taken by the Government of India to cancel the legal tender character of the existing series of banknotes, as on November 8, 2016, in the denominations of Rs.500 and Rs.1000 (Specified Bank Notes-SBNs) in circulation. The main objectives of the Ordinance are (i) to provide clarity and … Continue reading The President of India approves the Promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 today (30-12-2016)

POSSESSION OF SCRAPPED CURRENCY NOTES BEYOND 30-12-2016 WILL ATTRACT CRIMINAL PROCEEDINGS AND FURNISHING WRONG INFORMATION WHILE DEPOSITING OLD CURRENCY WILL ATTRACT FINE FROM 1-1-2017 TO 31-3-2017


  The government on Wednesday approved promulgation of an Ordinance to make possession of more than 10 scrapped banknotes a penal offence. The Specified Bank Notes Cessation of Liabilities Ordinance makes holding of old 1,000 and 500 rupee notes after March 31 beyond a threshold amount a criminal offence. Furnishing wrong information while depositing the … Continue reading POSSESSION OF SCRAPPED CURRENCY NOTES BEYOND 30-12-2016 WILL ATTRACT CRIMINAL PROCEEDINGS AND FURNISHING WRONG INFORMATION WHILE DEPOSITING OLD CURRENCY WILL ATTRACT FINE FROM 1-1-2017 TO 31-3-2017

HAVE YOU PAID THE ARREARS OF PROPERTY TAX, CLEARED BESCOM BILLS AND PAID ALL OVER DUES – YOU ARE UNDER IT SCANNER !!!!


IT’S RAINING MONEY FOR INCOME-TAX DEPARTMENT – A PRESS REPORT HAVE YOU PAID THE ARREARS OF PROPERTY TAX,  CLEARED BESCOM BILLS, INSURANCE PREMIUMS IN BULK AND PAID ALL OVER DUES – YOU ARE UNDER IT SCANNER !!!!   Post the 8/11 demonetisation move, it is raining moolah for the Income Tax department. Not only has … Continue reading HAVE YOU PAID THE ARREARS OF PROPERTY TAX, CLEARED BESCOM BILLS AND PAID ALL OVER DUES – YOU ARE UNDER IT SCANNER !!!!

AKRAMA-SAKRAMA – WILL IT HAPPEN?


The regularisation of unauthorised layouts, sites and illegal buildings in municipal limits may hit a blockade, if the citizen forums bring in an order from the Apex Court.  It is learnt that the honest tax paying and law abiding citizens are waiting for the notification from the government regarding the implementation of Akrama - Sakrama … Continue reading AKRAMA-SAKRAMA – WILL IT HAPPEN?

UPDATE ON AKRAMA AND SAKRAMA


The Bangalore City Minister, The Commissioner, BBMP and officials held a meeting and discussed about the process and procedures to enforce the Akrama - Sakrama scheme and it was learnt that the cut-off date may be extended and the 2013 (old) guidance value may be set as the value parameter and the procedures to be … Continue reading UPDATE ON AKRAMA AND SAKRAMA

AKRAMA – SAKRAMA – Buyers Duped?


AKRAMA - SAKRAMA - Buyers Duped? The sellers stated that the Government will regularise all the illegal structures till date,  but the CUT OFF DATE IS 19-10-2013, it means, that properties which are constructed before 19-10-2013 (with proof and evidence) are eligible for regularisation under this scheme. 50% of the deviation in the residential building … Continue reading AKRAMA – SAKRAMA – Buyers Duped?

How to ? Akrama Sakrama ?


B katha vacant site owners are ready to get their sites regularised, but not all the B katha properties can be regularised. Apartment owners are waiting to get their properties regularised under Akrama Sakrama, but, have to check, whether their properties is within the ambit of AKRAMA - SAKRAMA. More than 50% of B katha … Continue reading How to ? Akrama Sakrama ?

Government receives 4,000 emails on black money in 72 hours


The government's email address for black money tipoffs has been flooded with 4,000 messages since Friday, when blackmoneyinfo@incometax. gov.in was made public. "We are getting a good response," a finance ministry official told ET, Further the Finance Department also gets intelligence reports from various other module too. That's in addition to vast amounts of data flowing … Continue reading Government receives 4,000 emails on black money in 72 hours

RESERVE BANK OF INDIA CAUTIONS AGAINST MULTI – LEVEL MARKETING ACTIVITIES (MLM)


Multi-Level Marketing (MLM) activities The Reserve Bank of India (RBI) has cautioned investors against multilevel marketing firms that promise high returns and run on hefty member subscription fees through a Press release on 01.01.2015 so that investors do not fall prey to unscrupulous entities. In the press release, inter-alia, it was stated that:- Income of … Continue reading RESERVE BANK OF INDIA CAUTIONS AGAINST MULTI – LEVEL MARKETING ACTIVITIES (MLM)

Demonitization


Banks staff had worked extra hours to handle the increased volume of work due to demonetisation of bank notes of Rs. 500 and Rs.1000 with effect from November 8, 2016. Whenever complaint against a bank official(s) is received and any irregularities are found or observed on the part of Bank’s official(s), the Banks initiate action … Continue reading Demonitization

The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from i.e.17th December, 2016 and to remain open for declarations up to 31st March, 2017.


Taxation Laws (Second Amendment) Act, 2016 came into force yesterday i.e. 15th December, 2016 and rules notified today and placed in public domain; The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from tomorrow i.e.17th December, 2016 and to remain open for declarations up to … Continue reading The Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana, 2016 introduced under the said Act to commence from i.e.17th December, 2016 and to remain open for declarations up to 31st March, 2017.

AKRAMA SAKRAMA DATE MAY NOT BE EXTENDED – A PRESS REPORT


Akrama-Sakrama: change unlikely in cut-off date A NEWS REPORT   No benefit for unauthorised buildings/sites that came up after Oct 19, 2013   The state government is unlikely to extend the cut-off date for regularisation of unauthorised properties under the Akrama-Sakrama scheme. October 19, 2013, listed as the cut-off date in the final notification, will … Continue reading AKRAMA SAKRAMA DATE MAY NOT BE EXTENDED – A PRESS REPORT

MODI`S Next Target is FIXED – BENAMI PROPERTIES!!!


Prime Minister Narendra Modi today told his party that there will be no let-up in his mission to nail tax evaders : with high-denomination notes cancelled,  he said his next crackdown will be on benami or proxy-owned property The true impact of demonetisation can be found in every walk of life.  There are as usual … Continue reading MODI`S Next Target is FIXED – BENAMI PROPERTIES!!!