Search Result for : Black Money

The Dollar Business Bureau It has been six months since the Modi-led government decided to invalidate more than 85% of cash in circulation. Curbing terror funding, boosting cashless economy and cracking down on counterfeit currency were among a host of reasons cited, the most critical one being elimination of black money from circulation. The UN recently released a study titled ‘Potential Impact of Demonetisation in India’, which stated that demonetisation alone will not be able to uproot the seeds of black money. To prevent future flow of black money, the study said, other complementary measures would be required. The Goods and Services Tax reform, voluntary disclosure of income scheme, the linking of taxation with unique identification numbers, were among the other supporting steps ...

The Dollar Business Bureau As expected, the focus for the Union Budget 2017 was on black money, demonetisation, crackdown on tax evaders, GST and digitisation of the nation. This was also a first, for the Union and Railway budget, to be presented by the Finance Minister within the same session. Across sectors, immediate reactions towards the budget were mostly on the positive side. Speaking to The Dollar Business, earlier today, Narendra Bansal, CMD, Intex Technologies said, “It is a progressive and futuristic budget. They have tried to move from a tactical budget to a strategic one - it is policy focussed.” Sunil Kant Munjal, Chairman, Hero Corporate Service welcomed the budget for covering a large spectrum and taking in account all the ...

The Dollar Business Bureau  Budget 2017-18 has given much to be happy about, in terms of striking a balance between fiscal consolidation and public spending. Amidst shrinking private investment, short-term negative effects of demonetisation, and dim global trade scenario, the Budget was a presentation of hope.  While SMEs have much to celebrate after Jaitley announced 25% tax for companies having a turnover of less than 50 crore, start-ups got their tax holiday extended from 3 out of 5 years (in 2016-17) to 3 out of 7 years (in 2017-18). In the government’s bid to digitalize the economy, it has also caped cash transactions at Rs. 3,00,000.  Overall, the budget refocused the government’s prime policy areas of fiscal consolidation, tax compliance, digitalization, rural upliftment, ...

Sneha Gilada A social security scheme that ensures a minimum grant to everybody living under poverty line  A tax-lesseconomy that removes all motivation to evade tax  A limit on cash transactions beyond which only bank transactions will have legal protection Withdrawal of all high value currency notes leaving onlyup to Rs 50 of notes in the cash economy  Astandard 2% transaction cost levied by the government on all banking transactions uniformly. These tenets form the crux of radical financial reform proposed by NGO Arthakranti Sansthan, which has recently come into limelight as the think-tank behind the idea of demonetisation.  Anil Bokil, speaking on behalf of Arthakranti Sansthan, said that the cleansing of the economy is a long process which has just begun with the demonetisation drive. "This is not a development model meant to boost growth. It is a ...

Sairaj Iyer ‘The Future of Black Money’, a panel discussion hosted by All India Association of Industries (AIAI) at the World Trade Center looked at alternative payment systems such as bitcoins and block-chain to curb the flow of black money. The panel discussed way beyond than the conversations one gets to have with the local baniya, laundry-man, or even newspaper vendors. A bitcoin for laymen is a cryptographically programmed digital currency format that gets validated from a central node. In simpler words, transactions can be efficiently tracked, making them visible across the length and breadth of the globe. Bharat Coins, a system currently mooted by experts would be using identification measures such as KYC and Aadhar ids to generate a unique transaction ...

PTI The Reserve Bank today imposed stiff restrictions on depositing more than Rs.5,000 in the scrapped Rs.500 and Rs.1,000 notes, mandating that it can be deposited only once per account till December 30, that too after explaining to bank officials the reasons for not having done that so far.Stipulating that restrictive conditions will also apply on the cumulative deposit of such notes in a single account when it exceeds Rs.5,000, RBI said that defunct currency up to any amount can be deposited under the new black money amnesty PMGKY scheme."It has been decided to place certain restrictions on deposits of SBNs into bank accounts while encouraging the deposits of the same under the Taxation and Investment Regime for the Pradhan Mantri ...

The Dollar Business Bureau  India and Switzerland inked the ‘Joint Declaration’ for implementation of Automatic Exchange of Information (AEOI) on November 22. This joint declaration which came after four years of negotiations is intended to introduce automatic exchange of financial account information between the countries on a reciprocal basis from 2018. India first ratified Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) in June 2012 and then also signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA) on June 3, 2015. “The Joint Declaration is subject to MAC being in force in each jurisdiction, signing of MCAA by both jurisdictions, notification of each other under section 7(1)(f) of the MCAA and adequate confidentiality and data safeguards ...

The Dollar Business Bureau  NITI Aayog CEO Amitabh Kant said on Friday that shortage of cash due to demonetisation of high denomination bank notes will end by middle of January 2017. He said that by that time about Rs.3 trillion worth of black money would be wiped out of the economy, leaving around Rs.12 trillion of cash to finance regular transactions. The disruption was unavoidable as the country aspires to become a $10 trillion economy, Kant said while addressing the 89th Annual General Meeting of FICCI in New Delhi. Kant is the chairman of the high-level committee created by the government for identifying all possible digital payment modes across sectors as it is pushing on with its drive for a cashless economy. He stated that ...