The government had said that people bringing more than Rs 250,000 of the old notes to banks would have to show that they had paid taxes owed on the money.
The Indian economy was growing at a rapid pace, with a GDP growth of around 7.6%, and with the introduction of GST was expected to grow at even a faster rate.
Days after Prime Minister Narendra Modi praised bank employees for the hard work done during the demonetisation period, a bank union has demanded overtime for the extra hours put in by staff during the 50-day window that ended on December 30.
The finance ministry seems better placed now after demonetisation to decide on raising allowances as recommended by the 7th Pay Commission.
chairman of State Bank of India acknowledged that SMEs accounts could start to turn bad if the business due to demonetisation doesn’t normalize over the next couple of months.
नियम का उल्लंघन करने पर 50000 रुपये का आर्थिक दंड या जब्त राशि का पांच गुना, जो भी ज्यादा होगा, जुर्माने के तौर पर देना होगा.
With consumption spends in rural and urban India stifled by the acute scarcity of cash, the economy is set to clock sharply lower levels of growth in the current and coming quarters.
As controversy arose over the Income Tax Act provision about granting exemption from income tax to political parties, finance minister Arun Jaitley issued a statement on Saturday night clarifying that this provision is 35-year-old. Following is the text of his statement: “Political parties have not been granted any exemption post demonetisation and introduction of Taxation […]