Jan Dhan avg balance starts growing again after demonetization

The total amount of money held under the accounts opened under the Jan-Dhan Yojana is once again nearing the all-time high seen during demonetization, and has increased by nearly 10% over a period 4 months, puzzling banking officials. Numbers from RBI also show that Jan Dhan accounts have stopped losing money and that the average amount […]

Income Tax dept identifies millions of non-tax payers using software

The income tax department has been able to identify millions of non-tax-filers and collect Rs 26,425 cr of self-declared tax by using software to analyze third party financial and transaction data over the last six years, the finance ministry said. The income tax department has been analyzing financial and transactional data since the year 2013 […]

Demonetization unearths Rs 25,000 cr of black money so far – Govt

The move to withdraw high-value currency notes in November last year has helped the income tax department unearth Rs 25,000 cr of undisclosed income as of October this year, the finance ministry said. Out of this, Rs 15,761 cr was unearthed by searches and raids, while the remaining was detected using ‘surveys’, the ministry said. […]

Demonetization took India forward by 3 years – SBI

The demonetization of currency notes late last year has doubled the number of card transactions and helped push India’s payment digitisation by three years, State Bank of India said in a note. “Even after seven months post demonetization, the transaction value is quite large and approximately double of what it had been corresponding month last […]

Demonetization hits real estate builder prices, but not resale flats – report

Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017. The report, brought out by the eponymous real estate classifieds site, also found that the builders were more willing to reduce prices in the aftermath of […]

Indian Railways ticket refunds delayed due to demonetization rush

Many people who booked railway tickets worth thousands of rupees during demonetization period and cancelled these tickets for refunds are yet to get their money back. According to Indian Railway sources, many of these people could end up waiting for 90 days or more to get their money. DEMONETIZATION RUSH When the government announced that […]

Demonetization: Modi announces bumper prizes; 15 lakh users to get 1,000 rupees

Narendra Modi announced several ‘prize schemes’ to promote cashless transactions. Under the schemes announced today, there will be two sets of prizes for consumers and another for small merchants. Under the first scheme, any customer who uses any electronic form of payment, including wallets and debit cards, will qualify for a ‘lucky draw’ of Rs […]

Demonetization: Swaraj India says political parties could become money laundering centers

Swaraj India party today said the Income Tax department’s decision to continue to provide immunity to political parties from having to reveal their sources could turn them into money laundering centers. According to Section 13(A) of the Income Tax Act, 1961, if you have registered a political party, you can deposit any amount of money […]

Domino’s Pizza starts cashless facility for phone orders

Domino’s Pizza has started cashless payment facility for those who order by phone as well. “Post demonetization, we have seen many customers choosing to order online. Consumers coming to our restaurants to dine in or carry out are able to pay With Credit caras or Wassets. However, there are many customers who still order with […]