Cash in circulation fell post note ban: FM

Finance minister has said that demonetisation along with increased digital transactions and the reduced cash usage in the informal economy has led to a reduction in currency in circulation by ₹3.4 lakh crore. The Government has also said that fake note circulation has also dropped.It quoted RBI reports which said that the number of counterfeit… Continue reading Cash in circulation fell post note ban: FM

I-T to assess 80k big cash depositors during demonetisation

The income tax department has ordered ‘best judgement’ assessment of over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17. In other words, the I-T officer is… Continue reading I-T to assess 80k big cash depositors during demonetisation