Withdrawal Limit Rs. 50,000 A Week From Feb 20, No Limits From March 13

[Kool_SRG]

Withdrawal of money from bank accounts was curbed amid a massive cash crunch that followed Prime Minister Narendra Modi's sudden announcement on November 8 last year scrapping 500 and 1000 rupee notes.

 

The Reserve Bank of India or RBI today said that the cash withdrawal limits on savings accounts would be lifted in two phases. From February 20, 2017, customers would be able to withdraw Rs. 50,000 per week as against the current limit of Rs. 24,000 per week. There would be no cash withdrawal limits from March 13 on savings accounts. "It has now been decided to remove these (cash withdrawal ) limits in two stages. Effective from 20th February, 2017, limits on cash withdrawals from savings accounts would be enhanced from Rs. 24,000  to  Rs. 50,000 per week. Effective from 13 March, 2017,  there would be no limits prescribed by the RBI on cash withdrawals from savings accounts,: said RBI deputy governor R Gandhi.

Withdrawal of money from bank accounts was curbed amid a massive cash crunch that followed Prime Minister Narendra Modi's sudden announcement on November 8 last year scrapping 500 and 1000 rupee notes.

The move, aimed at eliminating corruption and black money took out 86 per cent of the cash in circulation at the time or about 15.44 lakh crore. The RBI has sid it is printing new currency at break neck speed to overcome the shortage of cash.  

The RBI chief Urjit Patel earlier this month told a parliamentary panel that the central bank has issued Rs. 9.2 lakh crore of new currency, thus replacing 60 per cent of demonetised currency.

The RBI had initially set a cash withdrawal limit of Rs. 50,000 from current accounts which was later increased to Rs. 100,000 a day.

[VizagRocks]

Now some assholes will come and ask if 50k isn't enough for a week.

The standards of governance now seems to be predicting how much nuisance normal people can bear from the govt, as opposed to how much govt can justify its own random rules.

What a fall.. From Congress to BJP. All because of corruption. Anna Hazare, you die man.

[Merabharathmahan]

Labham enti cash transaction 3 lakhs kante ekkuva ekkada cheyakoodadu ani pettadu kada. inka pedha pedha purchases anni check or card tho chestaru

[VizagRocks]

the 2000, and 500 notes should get an award for being among the worst designed currencies in this world. My mom designed a better birthday card for her grandson, after couple of weeks of photoshop classes.

For this reason alone, one can forget the thought of ever settling down in India. don't want to hold that note. Hehe..

[VizagRocks]

Just now, Merabharathmahan said:

Labham enti cash transaction 3 lakhs kante ekkuva ekkada cheyakoodadu ani pettadu kada. 

nijanganey rule aa, leka busss news aa adhi?

 

[Kool_SRG]

22 minutes ago, VizagRocks said:

nijanganey rule aa, leka busss news aa adhi?

 

Proposed in Budget applicable from April 1st cash transactions more than 3 Lakhs banned...

[Kool_SRG]

Be ready to pay 100% penalty for cash transactions over Rs 3 lakh

Clarifying the punishment on cash transactions of over Rs 3,00,000 as mentioned in the Union Budget 2017, Chairman of the Central Board of Direct Taxation, Sushil Chandra said that anyone found guilty of the crime would be liable to pay a penalty of 100%

Clarifying the punishment on cash transactions of over Rs 3,00,000 as mentioned in the Union Budget 2017, Chairman of the Central Board of Direct Taxation, Sushil Chandra said that anyone found guilty of the crime would be liable to pay a penalty of 100%; the complete transaction amount. The CBDT chairman further said that they were in the process of gathering information from all the stakeholders and would give an exhaustive list as to in what situations the Section 10(38) “anti-abuse” provision of levying long-term capital gains tax on share transfer in unlisted companies would not be applicable. He further said that it was an anti-abuse law that has been created and would be used.

Earlier during the presentation of the Union Budget 2017, Finance Minister Arun Jaitley, had proposed 10% long term capital gains on those entities, who acquire shares in unlisted companies after October 1, 2004, given that they had not paid the STT during the purchase. The CBDT chairman said that the genuine investors in IPO should not worry as there would be no policy change in matters of capital gains.

Chandra told the media that of the 15 lakh companies incorporated under the Ministry of Corporate Affairs, only 6 lakh filed their Income Tax Returns. He further said that only 2.5 lakh companies of this 6 lkh showed their losses or zero incomes and 2.85 lakh companies just disclose income of less than Rs 1 crore. He concluded that the government’s aim was to make sure that everybody was tax complaint and the biggest challenge was how to make it happen.

[VizagRocks]

12 minutes ago, Kool_SRG said:

Proposed in Budget applicable from April 1st cash transactions more than 3 Lakhs banned...

brother. em rule idhi. how will they implement this rule? plus the scope of this rule (according to the link you post) seems very narrow.

Unless GST is introduced and is in full swing by the time this rule is implemented, this is another of those avenues for corruption by tax officials. And when the GST is introduced, this rule becomes pointless.

This govt. keeps proving that it is more and more stupid every passing day. 

[VizagRocks]

Is this the most clueless govt in India since the 90s? What a bunch of morons Indians have elected.

[Kontekurradu]

5 minutes ago, VizagRocks said:

Is this the most clueless govt in India since the 90s? What a bunch of morons Indians have elected.

yes bring back Congress 

[Kool_SRG]

18 minutes ago, VizagRocks said:

brother. em rule idhi. how will they implement this rule? plus the scope of this rule (according to the link you post) seems very narrow.

Unless GST is introduced and is in full swing by the time this rule is implemented, this is another of those avenues for corruption by tax officials. And when the GST is introduced, this rule becomes pointless.

This govt. keeps proving that it is more and more stupid every passing day. 

Ippatiki vachina info inte ela implement chestaro taravaata cheptaru avasaram aite changes chestaru...Tax officials corruption ki chance undi antuke if found guilty penalty annadi...

[VizagRocks]

Just now, Kool_SRG said:

Ippatiki vachina info inte ela implement chestaro taravaata cheptaru avasaram aite changes chestaru...

CBDT implementing this rule means, more time spent at the Aayakar bhavan for company accountants, more chances for corruption and harassment. These kind of things are better dealt with by the commercial tax offices, which are under the state govt currently, and will be synchronized when GST passes.

[VizagRocks]

9 minutes ago, Kontekurradu said:

yes bring back Congress 

boochi mama laaga vaadukuntunnaru ga Congress ni. paapam.

vaalla peru cheppi BJP entha chettha governance chesina evaru adagaremo.

[chor]

39 minutes ago, VizagRocks said:

Is this the most clueless govt in India since the 90s? What a bunch of morons Indians have elected.

doesnt matter which govt it is.. they all do halfbaked stuff.. 

chese panilo "human" angle undadhu.. janalaki em ibbandulu vastai vatini ela prevent cheyali anni munduga alochinchi danni batti steps veyaru.. 

[VizagRocks]

5 minutes ago, chor said:

doesnt matter which govt it is.. they all do halfbaked stuff.. 

chese panilo "human" angle undadhu.. janalaki em ibbandulu vastai vatini ela prevent cheyali anni munduga alochinchi danni batti steps veyaru.. 

okay.