The onus to explain that the gold jewellery was inherited or bought from known sources of income would be on the owner.
In continued post-demonetisation crackdown on black money, stashes of new notes continue to be seized in several states, including Rs 1.05 crore from a tea seller-turned-financier in Gujarat and nearly Rs 90 lakh in Andhra Pradesh.
'Today may be the last day for depositing old notes, but tomorrow all the worries of the banks will not go away.' 'As long as there is cash shortage, banks will not be able to function normally.' 'Nobody knows when the shortage will be over.'
T K S Elangovan has alleged senior bank officials forged documents and faked authorisation from the RBI, to transport huge sums of hawala money during recent elections in the state.
The raid was carried out by the Crime Branch at the office of T&T Law Firm on Saturday night, the officer said.
Trump tweeted, hours after Pentagon announced it had reached an understanding with China for the return of the drone.
Guidelines have been issued by the Commission for safe conduct of the electoral exercise in the midst of the raging COVID-19 pandemic. These guidelines include lowering the maximum number of voters for a polling booth from 1,600 to 1,000, staggering the polling hours and extending postal ballot facility to those above 80.
An alert has been issued by the Directorate of Revenue Intelligence, lead agency to check smuggling and customs duty evasion, to all international transit points across the country, official sources said.
'It is common knowledge that cash is anonymous.' 'When demonetisation was implemented, one of the intended objectives was to put identity on the cash holdings in the economy.' 'With the return of Rs 15.28 lakh crore in the formal banking system, the almost entire cash holding of the economy now has an address.' 'It is no more anonymous,' says Arun Jaitley.
The Election Commission's decision is "unfortunate", highly arbitrary, motivated and "biased" and was taken at the behest of the Bharatiya Janata Party, she said in the letter.
Includes those dealing in high-value property and petrol pump owners
People who observed the way his wealth and political clout grew say his fortunes hchanged once the ruling establishment handed him control of sand quarrying in Vellore and Kanchipuram districts after 2011.
This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits
'If the Modi government is successful in extraditing a high-profile fugitive such as Vijay Mallya or Nirav Modi before the 2019 election, the government will be able to link demonetisation to this and turn it into a positive.'
A combination of reduced cash intensity, a focused strategy of tax administration and GST is the way to go, say Sakshi Gupta, Tanvi Garg and Abheek Barua.
If the high security notes introduced in 2015 were kept in the system, the pain due to demonetisation can be ameliorated to a certain extent. But unfortunately, such thought process have no place in the hasty demonetisation decision.
Lead players in the poll-bound state are understood to be re-working their strategies on how to manage the campaign with less money with Rs 500 and Rs 1,000 notes becoming illegal tender in one stroke.
Official imports into India shrank almost 90 per cent in the six months to November
The employees said in a joint memorandum that they are feeling "demotivated due to shortage of manpower in lower cadres and huge stagnation in officers cadre right at this moment".
Officials said that taxmen visited seven locations in Bengaluru and three in Hyderabad of those event management companies which were given contracts to give a blockbuster look for the wedding of Bramhani last week.
Political funding of elections has led to the rise in black money in the economy.
Delhi Chief Minister Arvind Kejriwal's Principal Secretary Rajendra Kumar was questioned again by the CBI on Wednesday in connection with a corruption case.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
'With the Election Commission wisening up to the practice, which strikes at the very root of electoral democracy, the practitioners of cash for votes have been getting more and more ingenious,' points out Saisuresh Sivaswamy.
With GDP down by 2 per cent, while 99 per cent of banned notes make way back to the banking system, whom did demonetisation benefit?
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
What is the wider political strategy behind Mr Modi's concerted attack on black money, asks Subir Roy.
The Election Commission has a fight on its hand as candidates use ingenious methods to smuggle in money to Voters.
Counting of votes in the high-stakes close-to-call Bihar assembly elections, billed as a hot battle between Prime Minister Narendra Modi and Chief Minister Nitish Kumar, will take place on Sunday.
Bangladesh handing over to India top ULFA leader Anup Chetia was a reflection of close bilateral ties particularly in security areas, the country's Home Minister Asaduzzaman Khan Kamal said in Dhaka on Thursday as he hoped New Delhi will return a wanted Bangladeshi national jailed in West Bengal.
The Election Commission has done its best to stem the flow of money in Tamil Nadu's elections, but it is the politician who is having the last laugh.
Innovative methods like transfer of funds through the RTGS banking system and concealment of currency wads inside car bonnets were detected by Election Commission as it took steps to curb the use of black money during the just-concluded Lok Sabha polls.
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
'Counter terrorism does not appear to be good guys fighting the bad ones; it is about people being picked up, detained and charged with crimes they did not commit.'
'While Television generally tends to Clarity,' says Sreehari Nair, 'Arnab Goswami's The Newshour Debate portrays our confusions. Each episode offers both the potency of an intensely-fought boxing match and the giddy pleasures of an orgy.'
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