The central government has announced that tax exemption for Point of Sale equipment will soon be imposed, as a move to encourage transactions using debit or credit cards.
Dip in gold sales continues on and on and goldsmiths are to bear with over 75 percent loss in income.The Prime Minister Narendra Modi announced demonetization of Rs 500 and Rs 1000 notes on 8th November.
Cash withdrawal limit to be relaxed
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On Monday, the Reserve Bank of India, RBI, issued a notification that announced that the current cash withdrawal limit at banks and ATMs will be relaxed on or after Nov. 29. The notification.
Following the acute shortage faced by the public for immediately after the recent demonetization, and also with the limitation of the maximum withdrawal of Rs. 24000/- only permitted in a week,
Governor Urjit Patel said RBI is taking all necessary actions to ease the genuine pain of citizens who are honest and who have been hurt and hoped things will normalise soon.
Data released by the Telecom Regulatory Authority of India, or TRAI, has shown that the number of telephone subscribers in India declined from 1,058.85 million at the end of July 2016.
The central government has announced that people should not believe in rumours and the old 50 rupee notes and 100 rupee notes will be under circulation. After demonetization of Rs 500 and notes,
Prime Minster Narendra Modi demonetized Rs 500 and Rs 1000 notes. He also mentioned that new Rs 2000 will be introduced in lieu of void notes. Though Rs 2000 notes were released,
The demonetized old 500 and 1000 rupee notes were exchanged in post offices. Those of who did not have postal savings accounts exchanged their money showing the identify cards.
A top government official said that retailers who are into prepaid mobile vouchers sales need to submit the details of all customers who recharge their phones using old currency notes.
Delay in salaries possible, say experts
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According to a report in a leading business daily, before the major financial move of demonitisation, banks witnessed maximum withdrawals in the first week of the month, with almost 50 -70 per cent of salary.
A merchant who has applied to a bank for a swipe machine should have an account in that bank. In the application given by the bank, details such has business details, name of the merchant.
A minimum of 50 percent tax may be levied on unexplained bank deposits made using the banned currency comprising of 500 and 1000 rupee notes up to December 30 along with a 4-year .
There is a strong likelihood of the housing prices in India’s major 42 cities to come down by 30 percent in the next 6 to 12 months.The company Propequity has informed that because of the above-expected cost reduction
Starting from the midnight on Thursday, exchange of demonetized Rs 500 and Rs 1000 notes at banks is stopped and the same will be made at the Reserve Bank of India, according.
The union cabinet has decided to levy 60 percent tax on the black money deposited in the banks.The union cabinet is understood to have approved amendments to the income-tax laws late on Thursday,
Petrol bunks and government offices will continue to receive old notes. In connection with the central government has issued a notification:The exchange of the high-value notes of Rs. 500 and Rs. 1,000 over the counter.
The Central Government has been reviewing the issues related to the cancellation of legal tender character of old Rs. 500 and Rs. 1000 notes. The Government has also been receiving various suggestions in this regard.
The Finance Ministry has said that people can deposit the invalid Rs. 500 and Rs. 1000 denomination currency notes in their Post Office savings accounts.In an official statement, the Ministry said, Rs. 500 and 1,000.
On Wednesday, the State Bank of Indi has reduced bulk deposit rates by 1.9 percent, making the most of increased deposits following demonetization of Rs 500 and Rs 1000 notes.
