Congress holds protest against note ban

I went for a wedding the other day, saw that the rich are not affected. It is the poor who are hurt, said ex-finance minister P Chidambaram while interacting with media in Nagpur

This is the biggest scam of the year and must be investigated: Former Finance Minister P Chidambaram #demonetisation pic.twitter.com/acnhtI5uL0

& mdash; ANI (@ANI_news) December 13, 2016

Many, including salaried employees, have invested in a second house taking advantage of the availability of bank loans. Owing to the unique mechanism of taxing `income from house property', challenges arise during income-tax (I-T) assessment, especially if the second house is lying vacant. In such cases, the I-T official typically seeks to raise an I-T demand based on annual value (which, in general terms, is a deemed rental value).

The discount scheme on cashless payment for fuel, announced last week as part of a clutch of incentives to encourage use of electronic payment gateways, will come into effect from Tuesday.

The Modi government's demonetisation move seems to have taken the wind out of the sails of an already faltering job guarantee scheme. The number of households getting work in November dropped by 23% compared to the previous month and those being turned back empty-handed jumped to a staggering 23.4 lakh, almost twice the number in October.

The government has reportedly carried out sting operations at several banks to expose corrupt officials who are helping black money hoarders. According to reports, CDs of these sting operations have been prepared and submitted to the concerned authorities.

The demonetisation drive and the consequent opposition din in Parliament serve to highlight the opaque funding system of political parties that receive most of their funds in cash, deposit them in banks, and issue cheques for up to 90% of the money collected.

In a move that will impact salary payments to millions of factory and industrial workers, the government plans to make it mandatory for payments to be made only through cheque or directly into their bank accounts, against the current practice of paying cash.

Addressing a rally on phone after a dense fog prevented his helicopter from landing in Bahraich, UP, on Sunday, PM Narendra Modi said he was aware of the tricks being played by the corrupt to convert their ill-gotten wealth into white money.

Boatmen in Varanasi are collecting foreign currency in lieu of rides offered to tourists visiting ghats. Foreigners visiting the city are as troubled by shortage of smaller denomination Indian currency as are natives.

We belong to a nation where we do not think- what my interest. We are not a selfish nation. We think about future generations: PM pic.twitter.com/OuLxqqEV1q

& mdash; PMO India (@PMOIndia) December 10, 2016

I-T department has seized Rs 106 crore in old and new currencies. It also seized gold bars worth Rs 36 crore. Of the Rs 106 crore, Rs 96 crore is in demonetised tenders and the rest are in new currency notes.

If you made a large cash deposit to your bank account after demonetisation, prepare to explain it to the taxman, but tagging the money as agricultural or business income might not work unless you have all the paperwork in place. And if you are caught out with a false claim, you could end up paying tax at the rate of roughly 85%.

With an extended weekend, banks would resume operation on Tuesday. The cash crunch, therefore, will show no signs of easing this weekend. A majority of banks in the capital continued to grapple with cash shortages and restless customers on Friday.

The Supreme Court on Friday fired a series of sharp and critical questions about demonetisation at the Centre, asking if it had a plan at all or took a decision "just like that" when it scrapped Rs 500 and Rs 1,000 notes on November 8. The court caustically asked, “Can you put what you had estimated when you took the decision to scrap Rs 500 and Rs 1,000 notes? Did you make any estimation at all? Was there a plan?"

Finance minister Arun Jaitley on Friday said steps have been taken to ensure availability of cash in the rural areas. Currency notes are supplied by the RBI through currency chests maintained in the banks, keeping in mind the requirement in various areas and regions, he said in a written reply to Lok Sabha.

Government on Friday said it is looking into the difficulties being faced by foreign nationals and tourists following the scrapping of high value notes and will take remedial action based on the recommendations of a committee.

Crime branch of city police seized Rs 85 lakh cash in Rs 2,000 notes from a person at Matunga in central Mumbai. The cash was seized by unit 5 of the crime branch from Babasaheb Ambedkar road this afternoon, Mumbai Police spokesperson Ashok Dudhe said. A probe is underway in this regard, the officer added.

Gujarat: Police arrest 4 people carrying new notes worth Rs 76 lakh in Surat. Police investigating the matter. pic.twitter.com/dtFforsRzb

— ANI (@ANI_news) December 9, 2016

Cash being made available in rural branches of banks and 1.55 lakh Post Offices. The network of 1.2 lakh banking correspondents has also been activated with higher cash holding limits, Arun Jaitley said

Old Rs 500 notes will be accepted at#DelhiMetro stations till midnight only today @timesofindia #demonetisation

— Rumu Banerjee (@rumubTOI) December 9, 2016

The government unveiled a slew of incentives on Thursday to promote cashless payments for fuel, insurance, toll and rail travel. Service tax charged on digital transactions and merchant discount rates up to Rs 2,000 per transaction was scrapped.

Finance minister Arun Jaitley said, "I may only clarify that merely depositing money in the bank doesn't mean that it changes colour from black to white. Its tax liability would still remain because what is unexplained would still remain taxable."

Depositing money in bank doesn't change colour from black to white; deposits to be closely scrutinised for #tax liability: @arunjaitley.

— Press Trust of India (@PTI_News) December 8, 2016

Finance Minister Arun Jaitley today announced several measures to promote digital payments, including a 0.75 percent discount for those who pay for petrol and diesel using digital mode.

The demonetised Rs 500 notes won't be accepted in buses, at metro stations or by the Railways after December 10.

10% discount on general insurance, 8% discount on life insurance on digital payments

NABARD will give Rupay card to people who have Kisan Credit Card: FM Jaitley #DeMonetisation pic.twitter.com/RPOJcWt1p4

& mdash; ANI (@ANI_news) December 8, 2016