Once passed by Parliament, the bill will replace an ordinance promulgated on December 30 last which provides for a fine of 10,000 or five times the cash held, whichever is higher, on holding of more than 10 banned 1,000 and 500 rupee notes.
The Income Tax Department on Tuesday also raided 20 premises linked to Gitanjali Gems promoter Mehul Choksi and suspected shell firms in connection with an alleged tax evasion case against them, official sources said.
Finance ministry maintains that all KYC requirements will be followed.
A bench headed by Justice T S Thakur asked Delhi government to issue notification by August 4 for converting the conference room into jail which can be used by Roy and two jailed directors of Sahara for 10 working days from 06:00 AM to 08:00 PM for holding negotiations with prospective buyers of hotels in New York and London.
SBI plunged over 3% after posting a 34.57% fall in net profit to Rs 2,538 crore for the quarter ended September 2016 on rise in provisions for non-performing loans.
Police claimed that money recovered from alleged middleman Sukesh Chandrashekar was sent by Dinakaran.
Budget announcements will come right before five states, with population of around 250 million, go to polls.
While office and mall properties enjoyed revival and saw some big PE deals, residential real estate was hit by double whammy - stagnating prices and demonetisation
The larger amount of black money either goes into domestic real estate or bullion, or is round-tripped back into India anyway.
Only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes have not returned.
Deposits of Rs 3 lakh are "justified" if a person has an annual taxable income of Rs 10 lakh and the tax department will "not touch" him.
As smartphones penetrate through the country, apps are getting more and more localised, democratised.
'The D K Adikesavulu clan is so wealthy, owns so many houses, and has so much jewellery,' notes T V R Shenoy, 'that it did not notice a servant stealing at the rate of Rs 66 lakh every year!'
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
'...because the party is based on the Constitution.'
Under the scheme coming into effect from April 1, 2018, a donor could purchase bonds from authorised banks against cheques or digital payments. These would be redeemed only in the designated account of a registered political party.
'GST had to come close on the heels of demonetisation as part of the same package.'
The Supreme Court on Friday reserved its order on interim bail plea of Sahara Chief Subrata Roy who pleaded to the court to show 'raham' (mercy) and allow him to come out of jail to sell off his properties to deposit Rs 10,000 crore (Rs 100 billion) with SEBI as directed to get regular bail.
Clearly, rich Indians have little confidence in India. Perhaps we are also chronically dishonest.
Theoretically, Modi, who understood corporate finance, committed no crime by raising debt to fund a growing business. In fact, he did a tidy job of it, but his operation started to see the ground underneath it give way in January 2018. A fascinating excerpt from Pavan C Lall's Flawed: The Rise And Fall Of India's Diamond Mogul Nirav Modi.
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
'You are unable to attack creation of black money.' 'You have not stopped that, but are now coming up with such rules.' 'It is so stupid and unbelievable.' 'This ordinance is a very scary way of going about it.'
'Farmers are like living corpses in India.'
Prime Minister Narendra Modi's announcement about demonetising Rs 1,000 and Rs 500 currency notes was hailed as a "bold step" by President Pranab Mukherjee and the BJP, which called it a "surgical strike" on black money, but his rivals denounced it as a "heartless and ill-conceived" decision that would inconvenience people.
A day ahead of the nationwide protests planned by the opposition against demonetisation, Prime Minister Narendra Modi defended the move and warned unscrupulous people using the Jan Dhan accounts of the poor to launder their black money of strict action.
'It may take the AIADMK much more convincing than already, not only to try and bring around even the one-time Muslim voters of the party. 'More importantly, the party leadership may find it even more difficult to convince traditional party voters and cadres, who had admired Jaya's nonchalance to the party and leader ruling the Centre,' says N Sathiya Moorthy.
A Ganesh Nadar/Rediff.com speaks to common folk in Tamil Nadu about whether they will invest in Arun Jaitley's gold monetisation scheme. Their reactions will not make the Union finance minister happy.
When people say the two-day visit was been successful in taking back the bilateral relationship to the political plane, essentially the reference (mostly left unsaid) is to the wresting of initiative from the intelligence 'agencies', whose meddling had hurt bilateral ties, says the distinguished editor Kanak Mani Dixit.
The government can seek details from sellers such as sources of funds while buying.
The minister said any declaration made under the law will be protected
'If the BJP wins UP and one or two other states, it could get emboldened and press ahead with its reckless agenda, as well as its divisive agenda.' 'If the BJP fails to form the government in UP and suffers a setback in Punjab and maybe one other state, it could go either way: It could become more reckless or pull back, pause and take stock, moderate its position.'
In his massive election rallies, Prime Minister Narendra Modi often caught voters fancy promising that each individual would get Rs 15-20 lakh in his bank account if he came to power.
Aadhaar now has legal backing but it still faces challenges of privacy and data sharing
Kamal Haasan's unrivalled make up skills, Jack Nicholson's haunting imagery, Asha Parekh's life as a Hit Girl and the surprise package of Beauty and the Beast, it's all there in Sukanya Verma's super filmi week.
Venkaiah Naidu said 'let there be a discussion... November 8 is a historic day'.
Lack of decisiveness and courage to deal with PSBs may turn out be the biggest impediment to the Modi government's economic initiatives, says Debashis Basu.
'Their vote bank has shifted to the BJP; the Congress is yet to realise it.'
Like Indira Gandhi, even Narendra Modi seems to be relying on directing public-sector banks through ministry of finance supported by party cadres, says Debashis Basu.
Public sector banks are inefficient, poorly governed and beset by largescale corruption.
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