Bank Note Rs 1000 Archives - Tax Heal https://www.taxheal.com/tag/bank-note-rs-1000 Complete Guide for Income Tax and GST in India Thu, 10 Nov 2016 05:06:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Cash deposit in excess of Rs 2.50 Lakh may attract Tax Penatly https://www.taxheal.com/cash-deposit-in-excess-of-rs-2-50-lakh-may-attract-tax-penatly.html https://www.taxheal.com/cash-deposit-in-excess-of-rs-2-50-lakh-may-attract-tax-penatly.html#comments Thu, 10 Nov 2016 05:06:13 +0000 http://taxheal.com/?p=17299 Cash deposit in excess  Cash deposit in excess of what is shown in return will attract penalty of 200%. Government will get report of cash deposited in bank accounts above limit of Rs 2.5 lakh during 50-day window ending Dec 30 said Revenue Secy. Tax plus penalty of 200% will be levied on cash deposited… Read More »

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Cash deposit in excess of what is shown in return will attract penalty of 200%.

Government will get report of cash deposited in bank accounts above limit of Rs 2.5 lakh during 50-day window ending Dec 30 said Revenue Secy. Tax plus penalty of 200% will be levied on cash deposited in bank accounts but not matching with income declared.

Income Tax department alerts units to keep vigil on suspicious movements of huge cash and bullion in wake of the Note Ban.

So, beware before depositing money in your Bank Account.

 

]]> https://www.taxheal.com/cash-deposit-in-excess-of-rs-2-50-lakh-may-attract-tax-penatly.html/feed 1 Foreign tourist /passengers can Exchange Rs 500 /1000 Note at airports upto Rs 5000 https://www.taxheal.com/foreign-tourist-passengers-can-exchange-rs-500-1000-note-at-airports-upto-rs-5000.html https://www.taxheal.com/foreign-tourist-passengers-can-exchange-rs-500-1000-note-at-airports-upto-rs-5000.html#respond Wed, 09 Nov 2016 23:21:41 +0000 http://taxheal.com/?p=17270 Withdrawal of the legal tender character of the existing and any older series banknotes in the denominations of ₹ 500 and ₹ 1000 RBI/2016-17/113 A.P. (DIR Series) Circular No. 16 November 09, 2016 To All Authorised Persons Madam / Sir, Withdrawal of the legal tender character of the existing and any older series banknotes in… Read More »

]]> Withdrawal of the legal tender character of the existing and any older series banknotes in the denominations of ₹ 500 and ₹ 1000

RBI/2016-17/113
A.P. (DIR Series) Circular No. 16

November 09, 2016

To

All Authorised Persons

Madam / Sir,

Withdrawal of the legal tender character of the existing and any older series
banknotes in the denominations of ₹ 500 and ₹ 1000

1. Attention of Authorised Persons is invited to the Government of India Notification published in the Gazette of India vide S.O.3408(E) dated November 08, 2016, according to which the legal tender character of the existing and any older series banknotes in the denominations of ₹ 500 and ₹ 1000 stands withdrawn with effect from the midnight of November 8, 2016.

2. However, in terms of Paras 1 (g) and (h) of the Notification, the specified bank notes shall continue to be legal tender until November 11, 2016 interalia to the extent of transactions specified below:

(i) at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes which are legal tender; and

(ii) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees, to exchange them for notes which are legal tender.

3. Authorised Persons may follow the above instructions and bring the contents of this circular to the notice of their constituents.

4. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law

Yours faithfully,

(Shekhar Bhatnagar)
Chief General Manager-In-Charge

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