PM Modi's surgical strike against black money

THE ECONOMIC TIMES Thu, Nov 10, 2016 | 05:07 PM IST ET Special Newsletter

Surgical strike against black money PM Modi's move to go after black money by declaring Rs 500 and Rs 1,000 notes invalid took everyone, including his cabinet, by surprise. While a shortage of currency might well make it harder to hide from the taxman, it will also make things much tougher for the aam aadmi. Can India cope?

Going to bank to exchange old notes? 4 things to keep in mind It is important for you to make sure that the photocopy of your valid ID proof provided to the bank or the post office doesn't get misused. Here's how you can avoid it. This is how Modi's ban on currency was kept a secret A few weeks ago, the cabinet secretariat had issued a circular, to personal staff of all ministers, advising ministers not to carry mobile phones to the Cabinet meeting. Know the penalties, if  I-T department detects black money Here is a list of various penalties that can be imposed on you for different defaults and the provisions which can help you get immunity from same.

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Here is the man who 'advised' PM Modi to demonetise Rs 500 and Rs 1000 notes Anil Bokil of Arthkranti, a Pune based financial think tank is the man who reportedly suggested some of the key measure to contain the flow of black money. read more...

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Deposits above Rs 2.5 lakh to face tax, penalty on mismatch "The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow," Revenue Secretary Hashmukh Adhia said. Depositing black money? I-T notices you might get De-monetisation of the Rs 500 and Rs 1000 notes is a massive blow for those who have unaccounted money as they will face various penalties. How to go cashless with digital payment options This sudden shift to scrap the Rs 500 and Rs 1,000 notes may lead to some teething troubles. Here's help to manage your everyday transactions. You can pay your power bills with old notes till Friday Exemptions have also been made for payments at government hospitals, milk booths, crematoria/burial grounds and petrol pumps till November 11. RBI inspectors plan surprise visits to keep things in check The move is aimed at ensuring that bankers are not being used by unscrupulous elements, as the government doesn't want any hiccups in the process. ATMs will work but pain for public to remain for next 10 days Cash replenishment companies will need to ensure a steady supply to all the machines and are gearing up for the challenge. The new Rs 500 and Rs 2000 bank notes: You should know this After Prime Minister Narendra Modi announced trashing of old Rs 500 and Rs 1000 bank notes to curb black money, RBI has released the details of newly minted Rs 500 and Rs 2000 bank notes. Demonetisation impact decoded: Gainers and losers There will be a disruption in the current liquidity situation as households are likely to get affected by the note exchange terms laid by the government. Cash deposits: Housewives to face less scrutiny The department would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account. Valid ID proof must to exchange Rs 500, Rs 1,000 notes: Shaktikanta Das Banks would also have video recording of those making deposits," department of economic affairs secretary Shaktikanta Das said on Tuesday at a joint press conference with RBI governor Urjit Patel.

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