Leaving no stone unturned to tighten the noose around black money hoarders, the Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.
There has been an increase of 584 per cent in digital transactions done through the Unified Payments Interface (UPI) since demonetisation in November last year, said an official release on Thursday.
Describing demonetisation as an attempt 'akin to striking a rock with an egg', eminent Austrian economist Heinz D Kurz has said it is 'much too weak and misdirected an instrument' to root out corruption.
Monthly automobile sales growth rate in India slipped to a 16-year low in December with total vehicle sales declining by 18.66 per cent as demonetisation hits the industry hard.
In a joint operation, Income Tax department and crime branch raided a hotel in Delhi's Karol Bagh and recovered Rs 3.25 crore in demonetised notes from five persons. Based on secret information, the Crime Branch
An amount of over Rs 93 lakh in denomination of Rs 2,000 currency notes has been seized from seven persons, of whom three were arrested and the rest detained, in separate cases in Jaipur, police said
To meet the demand for new currency following the cash recall exercise which has triggered a huge liquidity crunch, the Bank Note Press (BNP) at Dewas in Madhya Pradesh has roped in retired employees.
In an attempt to promote digital transactions amid cash crunch following currency ban, the government is all set to waive service tax on debit and credit card transactions of up to Rs 2,000.
India is now facing pressure from its neighbour Nepal which has demanded that the government allow Nepalese citizens to exchange up to Rs 25,000 of scrapped currency notes.
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