1. Finance Ministry issues notification allowing deposit of tax, surcharge, penalty under PMGKY in old currency notes

Finance Ministry issues notification allowing deposit of tax, surcharge, penalty under PMGKY in old currency notes

In the latest notice issued by the Finance Ministry on the demonetisation policy, it is notified that tax, surcharge, penalty and deposits under the PMGKY Scheme can be deposited in scrapped currency notes till December 30.

By: | New Delhi | Updated: December 22, 2016 8:23 PM
There had been frequent changes in the rules for the implementation of the note-ban policy, since Prime Minister Narendra Modi first initiated the anti-graft policy. (Reuters) There had been frequent changes in the rules for the implementation of the note-ban policy, since Prime Minister Narendra Modi first initiated the anti-graft policy. (Reuters)

In the latest notice issued by the Finance Ministry on the demonetisation policy, it is notified that tax, surcharge, penalty and deposits under the Pradhan Mantri Garib Kalyan Deposit (PMGKY) Scheme can be deposited in scrapped currency notes till December 30.

There had been frequent changes in the rules for the implementation of the note-ban policy, since Prime Minister Narendra Modi, citing the need to curb the flow of black money in the country, first initiated the anti-graft policy in November 8. In a major dramatic change in rules, soon after the the Reserve Bank of India (RBI) had issued notice, on December 19, restricting people from depositing old currency notes of the amount worth more than Rs 5,000, twice till December 30, the central bank had once again, made changes in its rule, notifying that deposit of old notes, amounting more than Rs 5,000, can be made as many times as needed.

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However, in a strong stand against black money in the country, Revenue Secretary Hasmukh Adhia, on December 16, had announced a new tax disclosure scheme for the declaration of black money, starting from Dec 17 and closing on March 31, 2017. According to the scheme as the disclosures will attract 50 % tax and penalty, their declarations, under the scheme will be kept confidential.

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