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New Delhi, Dec 17: Prime Minister Narendra Modi assured the nation that in 50 days he would solve the money woes being faced by the common man post the decision on demonetisation. There have been a host of developments since the decision was made. Citizens can now report black money hoarders directly by sending out an email to blackmoneyinfo@incometax.gov.in.

Black money

Today the disclosure scheme opens up and will close by March 31 2017. Let us take a look at the major developments that have taken place in the past 24 hours.

  • - Citizens can report black money hoarders directly by sending out an email to blackmoneyinfo@incometax.gov.in.
  • - A final opportunity for disclosing black money has been given. The tax disclosure scheme which opens today and closes on March 31 2017 provides for 50 per cent tax and surcharge on declarations of unaccounted cash deposited in banks. Details would be kept confidential and would not be used for prosecution.
  • - Political parties have been exempt from Income Tax while depositing demonetised notes. Tax exemption is applicable only if donations taken are below Rs 20,000 per individual. Political party should keep and maintain books of the income and accounts should be audited by a Chartered Accountant.
  • - Farmers exempted from paying tax on agricultural income need to declare that their earnings are less than Rs 2.5 lakh in an year to make bank deposits without PAN.
  • - SC refuses to extend deadline of December 15 to use demonetised notes to pay utility bills.
  • - SC refers demonetisation matter to 5 judge constitutional bench.
  • - RBI to release new Rs 500 notes with inset letter E in both the number panels with a Swachh Bharat logo printed on the reverse of the notes. Some captioned bank notes will have a star in the number panel in the space between the prefix and number. Such notes are being issued for the first time.
  • - Foreign citizens will be allowed to exchange foreign exchange for Indian currency up to Rs 5,000 per week till December 31.
  • - There have been 3,000 notices sent out on the basis of deposits in bank accounts. 291 cases of search and seizure have been registered.
  • - Parliament washed out over demonetisation issue.

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