The Business Standard has reported that the government is planning to insist on Aadhaar numbers for all those filing ncome tax (I-T) returns from the upcoming financial year. The paper reports sources in the government as saying that “relevant amendments to the Income Tax Act, 1961, in this Budget are under ‘active discussion’ to ensure mandatory linkage of tax returns to Aadhaar numbers”. The report comes on the back of other measures to increase vigilance on the flow of money from and to accounts.
Unions are also demanding publishing names of individuals who have defaulted in paying loans of Rs 1 crore and above so that stringent measures could be taken to recover bad loans. A section of bank trade unions have threatened to go on a day-long nation-wide strike on February 7 to press various demands including complete removal of restrictions imposed during demonetisation period and safeguarding the autonomy of the Reserve Bank of India.
The Railway Ministry today spelt out the procedure for cancelling tickets booked through Point of Sale (PoS) machines as it prepares to install 10,000 of them across ticket reservation counters in a bid to encourage cashless transactions following demonetisation. In case of tickets booked through SBI PoS machines at a reservation counter, a customer can approach a counter and cancel his ticket. He doesn’t need to swipe his card again for cancellation as the refund will be credited directly to his or her bank account within 7 days, according to a statement issued by the Railway Ministry.
They have also requested for extension of the import duty waiver on PoS terminals for card payments beyond March 31 as it expects the demand for such terminals to go up. If demonetisation got ‘Acche Din’ for digital payment companies, further tax incentives and rewards are things these entities are hoping for in the upcoming Union Budget to ensure customers stick to digital payments instruments and don’t migrate back to cash.
The Income Tax department has received confirmations for over Rs 300 crore declarations from across the country till now as part of the ongoing black money window called the Pradhan Mantri Garib Kalyan Yojna (PMGKY), brought out by the government post demonetisation. Officials said I-T department offices across the country have got a number of small to big declarations in this regard after the taxman launched a large number of search, survey, seizure and electronic database analysis operations to check stash funds hoarded or generated post the November 8, 2016 notes ban.
The Reserve Bank of India is working on a plan to reduce online transaction costs as it tries to encourage more digital banking, two parliamentary panel members quoted central bank governor Urjit Patel as saying on Friday. “We are working on a mechanism to bring down transaction costs,” one member of the public accounts committee quoted Mr Patel as saying. “We are speaking to all stakeholders.” Mr Patel met the panel to answer questions about the November 8 abolition of Rs 500 and Rs 1,000 notes, or 86 per cent of the currency then in circulation.
The Delhi Development Authority’s new Housing Scheme with 12,000 flats on offer is now likely to be launched next month, with the delay being blamed on “lack” of basic infrastructure in “few pockets” falling under the scheme. The scheme was earlier expected to be launched around January 26. “We had a January target but people were reeling under the immediate impact of demonetisation and so bank transactions were getting difficult to come buy,” a source said.
The Cabinet meeting headed by Prime Minister Narendra Modi also approved providing one-time loan of Rs 45,000 crore from NSSF to FCI to meet its food subsidy requirements. The government on Wednesday approved Rs 45,000 crore loan to FCI out of National Small Savings Fund, while exempting most of the states and UTs from mandatory investment norms with regard to funds collected under the NSSF scheme. The Cabinet decision to exempt states barring four, Arunachal Pradesh, Delhi, Kerala and Madhya Pradesh, from NSSF investments from April 1, 2016 will help them raise cheaper funds from the market and reduce interest outgo.
Chief Minister Mehbooba Mufti on Tuesday launched the mobile app and AEPS (Aadhaar Enabled Payment System) of Jammu & Kashmir Bank. The mobile application has been specifically designed to cater to the needs of the customers of the state. The inauguration was part of the ‘Digi Dhan Mela’ held here. Digi Dhan is an initiative of the Central government which enables direct interface between consumers and merchants to undertake real time digital transactions through the Digi Dhan Bazaar.
The process of printing documents for the Budget 2017-18 will start today with the ritual “Halwa Ceremony “. Finance Minister Arun Jaitley will participate in “Halwa Ceremony” today marking the beginning of printing of Budget documents. As part of the ritual, which has continued for long, ‘Halwa’ is prepared in a big ‘kadhai’ and served to the entire staff in the ministry. FM @arunjaitley to participate in Halwa Ceremony today marking the beginning of printing of documents which are part of Union Budget 2017-18