Revise the tax treaties with partner countries to enable the CBI and ED to use the data for prosecution

03-02-2017

Government is contemplating to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad. Treaty partner countries have been requested to modify the tax treaties, so as to explicitly include provisions that will enable information exchanged for tax purposes to be utilized for other purposes, including criminal proceedings in non-tax matters. 40 treaties for avoidance of double taxation have been revised accordingly. In addition, India has also signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which also

Read More
From November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth Rs. 5,92,613 crore have been issued to public
February 3, 2017

Consequent to the announcement of withdrawal of Legal Tender status of banknotes of Rs. 500 and Rs. 1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for supply of adequate quantity of banknotes in various denominations to the public through the banks. Over the period from November 10, 2016

Read More
First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.9 per cent achieved in 2015-16
February 3, 2017

As per the First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.9 per cent achieved in 2015-16. Data on Gross Domestic Product (GDP) for the quarter October-December, 2016 and January-March, 2017 is yet to be released by the CSO. The

Read More
100 per cent FDI in White Labelled ATM operations
February 3, 2017

Government has allowed Foreign Investment upto 100% in White Label ATM (WLA) operations, subject to the following conditions :- (i) Any non-bank entity intending to set up WLA should have minimum net worth of Rs. 100 crore as per latest financial year’s audited balance sheet, which is to be maintained at all times. (ii) (ii) In case the

Read More
Demand of Point of Sales (PoS) / Electronic Data Capture (EDC) machines in the country
February 3, 2017

The demand of such machines in the country has increased after November 9, 2016, which is evident from the fact that during the months of November and December 2016, 2.52 lakh PoS machines have been installed. Neither the Government has undertaken any study to assess the number of PoS machines needed to ensure smooth cashless economy in the

Read More
Proposal to waive off bank transaction charges and decrease interest rate for credit cards to promote cashless transactions
February 3, 2017

Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions. RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to

Read More
Credit and debit cards including RuPay Cards issued by the public sector banks
February 3, 2017

Reserve Bank of India (RBI) collects information on the number of debit and credit cards outstanding by the Scheduled Commercial Banks (SCBs). The credit and debit cards outstanding for the last three years is placed below: (in millions)   2013-14 (As at the end of March 31, 2014) 2014-15 (As at the end of March 31,

Read More

Latest News

Live Oscars Awards 2017