Free Press Journal
  • I-T department unearths undisclosed income of Rs 7,961 crore

    New Delhi: The Income-Tax Department has unearthed undisclosed income of Rs 7,961 crore post demonetisation, from November last year to March, Parliament was informed today. In a written reply to the Lok Sabha, Minister of State for Finance Pon Radhakrishnan said the department, during this period, conducted searches on around 900 groups, wherein assets worth over Rs 900 crore were seized and undisclosed income of Rs 7,961 crore was admitted.

  • Savings-investment myth of demonetisation

    Going by the numbers, there seems to be lots to cheer post-demonetisation. Indian households, who hitherto would have spent all their waking hours thinking of how to add to their holdings of property, gold and silver jewellery, have now adopted the mantra of ‘less cash’. So, as latest data reveals, Indian households’ holdings of cash have turned negative and they have started saving more in the form of bank deposits, life insurance

  • Digital payments up in India, debit card use on a decline, says report

    Mumbai : Investment banking firm Jefferies on Monday said there is growth in digital payment mode by bank customers post-demonetisation whereas there has been a decline in usage of debit cards. In a report, Jefferies also said the RuPay adoption for e-commerce has increased while the growth of credit cards has been secular. The National Electronic Funds Transfer (NEFT) volumes have grown upwards of 30 per cent with a further around 10

  • Will Affordable Housing Boost Real-Estate Market?

    Post demonetization, the real-estate market is buzzing with speculations. There are divided viewpoints with respect to the impact of demonetization on the realty market. While some suggest that home prices will decline, others opine that the disbandment of old currency notes has little to no impact on the property market. For an average home buyer or investor, the current scenario is very confusing. Therefore, the premise of this article is

  • Indore: I-T launches survey against jewellers

    Indore: Income tax department started tightening noose around business men who deposited huge cash in banks accounts post demonetisation and failed respond to taxmen’s queries on it. Sleuths of Investigation wing of I-T on Thursday conducted survey against a city jeweller.

  • Indore: Loan prepayment, over draft payee on I-T radar

    Indore: Those who did not disclose their cash and bank deposits, including those who tried to launder their unaccounted money during demonetisation by making payments of over drafts and prepayment of loans, have come on the radar of Income Tax Department (ITD). ITD has offered an opportunity to come clean by paying income tax just 49.9 per cent under Pradhan Mantri Garib Kalyan Jama Yojna (PMGKJY).

  • Demonetisation, GST to fetch more revenues to government: Arun Jaitley

    Visakhapatnam: Finance Minister Arun Jaitley today put up a spirited defence of demonetisation, saying the drive “shook” the financial system for a short while, but will integrate the shadow economy with the formal in the long run and ensure better tax compliance.

  • Will contest elections alone to stabilize Maha post demonetisation, says Sena

    Mumbai: A day after ruling out its alliance with the Bharatiya Janata Party (BJP) for the upcoming civic polls, the Shiv Sena said that it will also contest the state elections alone so as to bring stability in Maharashtra, which has been hampered post demonetisation.

  • Government waives Rs 660.50 cr interest on crop loans for Nov-Dec

    New Delhi: In relief to farmers who reeled under cash crunch on account of demonetisation, the government today decided to waive Rs 660.50 crore interest on short-term crop loan for November-December 2016 and grant Rs 400 crore to Nabard to bear refinancing cost of co-operative banks.

  • Note ban impact on gold buying will wane after budget: World Gold Council

    New Delhi: India’s demonetisation drive has impacted gold demand in the short term but buying is showing signs of revival and post the presentation of the national budget on February 1, the market will be back to normal, says the India chief of World Gold Council.

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