Changes Updates On Demonetisation

Strict Action against Tax Evaders using other persons’ Bank Accounts to convert their Black Money into New Denomination Notes;
Person(s) who allows His Or Her Bank Account to be misused for this purpose can be Prosecuted for Abetment under Income Tax Act; Government appeals to people NOT to come in the Lure of Black Money Converters and be a Partner in this Crime of Converting Black Money into White through this method and help join the Government in eradicating it.

It was announced by the Government earlier that small deposits made in the banks by artisans, workers, housewives, etc. would not be questioned by the Income Tax Department in view of the fact that present exemption limit for income tax is Rs. 2.5 lakh. There are some reports received that some people are using other persons’ bank accounts to convert their black money into new denomination notes for which reward is also being given to the account holders who agree to allow their accounts to be used. This activity is reported in case of Jandhan Accountsalso.
It is hereby clarified that such tax evasion activities can be made subject to income tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else. Also the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act.
However, the genuine persons having their own household savings in cash and depositing the same in the bank would not be questioned.
The people are requested NOT to come in the lure of black money converters and be a partner in this crime of converting black money into white through this method. Unless all citizens of the country help the Government in curbing black money, this mission of black money will not succeed. Also the people who are against the black money should give information of such illegal activities going on to the Income Tax department so that immediate action can be taken and such illegal transfer of cash can be stopped and seized.
Black money is a crime against humanity. We urge every conscientious citizen to help join the Government in eradicating it.

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Comments / inputs / suggestions on the Draft Bill on Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016 invited up to 17th December 2016.

The revised Draft “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2016” (Version 2.0), has been uploaded on the website of the Department of Financial Services (financialservices.gov.in) on 17^thNovember, 2016 for public comments. Comments / inputs / suggestions on the Draft Bill, have been invited up to 17^thDecember 2016.

               Earlier, a copy of the “Banning of Unregulated Deposit Schemes and Protection of Depositors’ Interests Bill, 2015”, along with the Report of the Inter-Ministerial Group (IMG) for identifying gaps in the existing regulatory framework for deposit-taking activities and to suggest administrative/ legislative measures including formulation of a new law to cover all relevant aspects of ‘deposit-taking’, was placed on the website of the Department of Financial Services (DFS) in March, 2016 for eliciting public comments.

Based on the comments received and further consultations with the stakeholders, the Draft Bill has been modified which now again has been uploaded on Department of Financial Services website for public comments.

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17-November-2016 20:14 IST

If Modi fails in his fight againt corruption and black money, no PM of India will have the courage to take this issue again on his agenda for next 100 years and corrupt politicians, beaurocrates, police, criminals and businessman will keep looting this country as their birth right. 

So it is the duty of every resposible citizen to stand in support of PM Modi and fail the evil design of corrupt people to incite violence and create anarchy. 

If we fail to do our duty today, our children and grandchildren will never forgive us and will hold us responsible for not giving them a clean India. Please send this message to all your contacts if you also agree with this.🙏


MIND BLOWING RESPONSE FROM INTERNATIONAL MEDIA TO DEMONETIZATION! 

This is how international media responded to india’s currency ban which shows the impact of this historic decision over world economy and how it is going to stop corruption and black money in india! IMF, European Union, World Bank and every reputed international organisations supported this move, World bank president even said, I am a big fan of Modi!

Forbes: Five days after the decision, Forbes has published an article titled “India’s Great Bank Note Switch Appears To Be Working – $30 Billion In Rs Deposited In Banks.” The article notes that a move of this magnitude would result in “obvious chaos”, but points that “so far at least it looks as if it is working.” The article goes on to call the scheme “rather well done, a clever plan.”

New York Times: A New York Times quoted an expert saying it was a wise move. “The plan, top secret until Mr. Modi’s announcement, was hailed by financial analysts as bold and potentially transformational for India. It is also a high-stakes experiment,” the article said.

Washington Post: It called PM Narendra Modi’s initiative as ‘ambitious’ and in keeping with his election time vow to initiate a crackdown against black money. The Post said black money in India ‘is estimated to total from $400 billion to more than $1 trillion’.

The Independent: This Singapore-based paper published a glowing article on the move titled “Modi does a Lee Kuan Yew to stamp out corruption in India.” Lee Kuan Yew was the Singaporean Prime Minister for several decades and is considered the architect of modern Singapore. “Government leaders feel that the sudden move by the Indian Prime Minister has brought new respect for him.

Bloomberg: In an article published in leading American financial journal Bloomberg, Swiss global financial services company UBS Group AG said that Australia should follow India’s lead and scrap its biggest bank notes.

“Removing large denomination notes in Australia would be good for the economy and good for the banks,” UBS analysts led by Jonathan Mott said in a note to clients on Monday. Benefits would include reduced crime and welfare fraud, increased tax revenue and a “spike” in bank deposits.

A senior Indian government official even equated Mr Modi to Singapore’s first Prime Minister Lee Kuan Yew. From making up his mind to rolling it out on 8 Nov, a new Lee Kuan Yew is born in India. It will be reflected in the legacy of this Prime Minister,”.


Hear it this ... !!
If Modi fails in his fight againt corruption and black money, no PM of India of India will have the courage to take this issue again on his agenda for next 100 years ..... and corrupt politicians, beaurocrates, police, criminals and businessman will keep looting this country as it it is their birth right.
So, it is the duty of every sensible citizen to stand in support of PM Modi and fail the evil design of corrupt people to incite violence and create anarchy. 
If we fail to do our duty today, our children and grandchildren will never forgive us and will forever, hold us responsible for not giving them a clean India.

Jai Hind 🇮🇳🇮🇳🇮🇳👍

Demonetisation is a decision of the century: Dr Jitendra Singh

Describing demonetisation as a decision of the century, Union Minister of State (Independent Charge) for Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh said here today that this would not only streamline the economy of India, but would also revolutionize the nation’s mindset and approach towards clean economic management. At the same time, he hastened to add that, to be precise, demonetization is a misnomer for the decision taken by the Union Government, because actually, it is the withdrawal of legal tender with reference to Rs. 500 and Rs. 1000 notes and not “demonetization” as such.

Addressing the inaugural function of the 22nd Conference of Central Bureau of Investigation (CBI), State Anti-Corruption Bureaus (ACBs), Vigilance Bureaus and Economic Offence Wings (EOWs) here today, Dr Jitendra Singh said that the decision announced by the Prime Minister Shri Narendra Modi on November 8, 2016 is motivated by his honesty and courage of conviction while those who oppose it are motivated by an attempt to sabotage it because they have less to show and more to hide. He said, in the long term, withdrawal of Rs.500 and Rs.1000 notes and the resulting fallout will not only enrich the bank deposits, but it will also bring about a change in our social behavior by helping to overcome the habit of hoarding black money and draining away the legitimate national exchequer.

Lauding the role of CBI, Dr Jitendra Singh said, in the last two years, the Union Government has ensured full independence to the functioning of CBI so that it can perform its professional work without any intimidation or political pressure. The rise in credibility of CBI, he said, is evident from the fact that even in small towns, for a petty crime also, people start demanding that the case should be handed over to none less than the CBI.

Referring to Prime Minister’s announcement to set up an International Centre for Excellence in Investigation, Dr Jitendra Singh said, the country’s Investigation Agencies and Police Forces have very appreciably upgraded themselves to the new requirements and added that “Centralized Technology Vertical” (CTV) worth Rs. 100 crore will be set up for real-time access to CBI.

In the times to come, Dr Jitendra Singh said, lot of time and expertise of CBI and other related agencies will be taken up in dealing with economic offences and cyber crime. For this, he said, what would be required is a multi-agency cooperation at the professional level and citizen -centric approach at the social level. Meanwhile, CBI’s drive against corruption will continue in order to achieve the Union Government’s goal of ‘zero tolerance’ on corruption, he added.

On the occasion, Dr Jitendra Singh handed over Indian Police Medals to distinguished Police officials for their outstanding performance. Director, CBI Shri Anil Sinha delivered the welcome address while Special Director CBI Shri R.K. Dutta proposed the vote of thanks. Also present were the Chief Vigilance Commissioner Shri K.V. Chowdary, Additional Director CBI Shri Y.C. Modi and senior officers from different Police services and States.

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New currency and the Common man
Many people say that this move by Modi government is affecting the common man more than the one who has hoarded black money. They say, this should have been done without affecting the common man.
But the common man is part of the system that created black money.
1. Common man is the one who goes and gets his groceries from a retail shop for cheaper price, knowing that the retail shop hardly pays any tax at all. 2. Common man is the one who prepares fake rental agreements and shows it as proof for HRA. 3. Common man is the one who pays bribe (through black money) to a government official, just to make out work easier. 4. Common man is the one who accepted Rs. 500/1000 (Black money) from both political parties that are contesting elections. 5. Common man is the one who purchases a product without bill, to save money (thereby creating black money) 6. Common man is the one gives maamool (black money) to the police for keeping their illegal shops 7. Common man is the one who offers bribe (black money) to the police for drunk and drive, not wearing a helmet, etc. instead of paying heavy fines at the court. Same way police collects cash  "Hafta" from all hawkers traders etc. Municipal staff, rail staff and many others  collect bribes all cash. 
8. Common man is the one who saves money little by little and purchases property and registers for under market value to save money (thereby creating black money) 9. Common man is the one who gives donation (Black money) to a private school who won't give a bill 10. Common man is the one who doesn't even understand that he is entitled to far more privileges than he/she is currently receiving, which is drastically reduced to corruption/black money 11. Common man is the one who complains about the corrupt system but doesn't take any steps to correct the system, but instead keeps on playing the blame game. 12. Common man is the one who is complaining now that this Bold step is causing inconvenience to them. 13. Common man is the one who justifies all these acts saying politicians are corrupt, so we can be corrupt too.
So I am asking how can one cleanup a system that you and me (Common Man) are an integral part of?
So to the common man of India, my message is "Bear the pain now and reap the gain in the future!"
Jai Hind

17-November-2016 15:52 IST

The Central Government takes several decisions to facilitate farmers, small traders, Group ‘C’ Employees of Central Government including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises in the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes; 

Also decides to reduce the limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-with effect from 18th November, 2016. In the aftermath of the cancellation of the legal tender character of the old Rs. 500 and Rs. 1000 notes, the Government of India has been receiving several suggestions including those from the State Governments. The Government has considered various suggestions and the following decisions relating to certain operational aspects of this scheme have been taken:

i. We are now at the beginning of the Rabi season. The farmers need various inputs for their agricultural activities. While the Government is keen on promoting payment through the banking or digital system, it is felt necessary to make some quantum of cash available with farmers to meet various expenses in connection with agricultural operations. It has, therefore, been decided that farmers would be permitted to draw upto Rs. 25000/- per week in cash from their KYC compliant accounts only. These cash withdrawals would be subject to the normal loan limits and conditions. This facility will also apply to the Kisan Credit Cards (KCC).

ii. Farmers are currently selling their produce from the Kharif season in the APMC markets/mandis. The farmers who receive such payments in their bank accounts through cheque/ RTGS will be permitted to draw up to Rs. 25000/- per week in cash. These accounts will have to be KYC compliant. This facility will enable the farmers to meet their various expenses connected with agriculture. This will also infuse lot of liquidity into the rural sector.

iii. Traders registered with APMC markets/mandis will be permitted to draw up to Rs. 50,000/- per week in cash from their KYC compliant accounts as in the case of business entities. This will enable these traders to pay wages and facilitate easy loading, unloading and other activities at the mandis.

iv. For payment of crop insurance premium, States fix time limits depending on their local requirements and conditions. Consequently, the last date for payment expires on different dates. It has now been decided to extend the last date for payment of crop insurance premium by 15 days.

v. While encouraging families to incur wedding expenses through cheques or digital means, it has been decided to permit families celebrating weddings to draw up to Rs. 2,50,000/- in cash from their own bank accounts. These accounts have to be necessarily KYC compliant. The amounts can be drawn only by either of the parents or the person getting married. Only one of them will be permitted to draw this amount. This limit of Rs. 2,50,000/- will apply separately to the girl’s family and the boy’s family. The person drawing such amount has to furnish the PAN details. Further, a self-declaration will have to be submitted by the person to the effect that only one person from his/her family is drawing the amount. It is expected that members of the public will fully cooperate to ensure that the above guidelines are adhered to. Any misuse of this facility will invite appropriate action based on the self-declaration and other details.

vi. At present, over the counter exchange of old Rs. 500/- and Rs. 1000/- notes is limited up to maximum of Rs. 4500/- per person. Reports have been received that the same persons are going back to the counter again and again, thereby cornering the facility and depriving many other people from exchanging old notes. There are also reports of organized groups indulging in such practices to convert their black money into white. It is now expected and desirable that people put their old notes into their bank accounts. However, for convenience of the people who may be on temporary visit either for work or otherwise, it has been decided to reduce this limit of exchange of old Rs. 500/- and Rs. 1000/- notes across the counter in banks from Rs. 4500/- to Rs. 2000/-. This facility will be available only once per person. The reduced limit of Rs. 2000/- will take effect from 18th November, 2016.

vii. Central Government employees up to Group `C’ including equivalent levels in the Defence and Para Military Forces, Railways and Central Public Sector Enterprises will be given an option to draw salary advance up to Rs. 10,000/- in cash. This amount will be adjusted in their salary for November, 2016. It is expected that this decision will ease the pressure on the banks. 
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Relief To Central Government Employees are shown in the following Link
http://www.finmin.nic.in/the_ministry/dept_expenditure/notification/misc/SalaryAdvanceOM17112016.pdf