New Delhi: The newly amended Income Tax law will not tax ancestral jewellery and gold that has been purchased out of disclosed income, said government on Thursday.
No seizure of gold jewellery up to 500 gm per from married women, 250 gm per from unmarried and 100 gm from men in I-T searches.
Reliance Industry Limited’s Chairman and Managing Director Mukesh Ambani on Thursday gave Prime Minister Narendra Modi's demonetisation policy a thumb's up during an event celebrating Reliance Jio crossing the 50 million subscriber mark in just 83 days.
He said, with this historic step he has given strongest possible push to digitally enabled economy. He further said that Jio is working to empower Indian merchants by building a digital retail ecosystem which will be called Jio Money Merchant Solutions.
Former Prime Minister H D Deve Gowda, who had implemented a Voluntary Disclosure Scheme (VDS) to unearth black money during his tenure, on Thursday said the present government had carried out demonetisation in a "haphazard" manner causing "unimaginable sufferings" to the people.
Government has cut short the deadline of using old Rs 500 notes at petrol pumps and for buying airline tickets at airports till December 2 instead of December 15 announced earlier.
A day after Pay day, more chaos was witnessed outside bank offices with a large number of people queuing up to withdraw their money.
Stay tuned for more updates.
ALSO READ: Post Demonetisation, Manufacturing Slumps but Sticks to Expansion Mode
The first concrete set of economic data to be released since Prime Minister Narendra Modi scrapped old denomination notes of Rs 500 and Rs 1,000 on November 9 indicates that manufacturing in India has weakened in the month but companies surveyed felt demonetization will ignite growth in the long run.
ALSO READ: Govt Wants Aadhaar-enabled Payment to Replace Cards
The government is concurrently working on developing a common mobile phone app that can be used by shopkeepers and merchants for receiving Aadhaar-enabled payments bypassing credit and debit cards, pin and password.
ALSO READ: GST, Demonetisation to be Game Changers For Economy, says Jaitley
On the hue and cry over the demonetisation exercise, he said:
ALSO READ: Pay Day Rush: Cash-strapped People Queue Up Outside banks, ATMs in Mumbai
People were seen waiting anxiously outside ATMs since wee hours to get hold of required amounts, fearing that bank coffers may dry up any moment.
READ: Gold Inherited, Bought With Disclosed Income Won't be Taxed, Says Govt
Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said on Thursday.
On Pay Day, Companies Find Innovative Ways to Ease Cash Chaos for Employees
To help its employees tide over the cash shortage the company has tied up with four provision stores in Ambur.
Demonetisation Drive : Anil Kapoor Clicks Selfies With Fans In ATM Line
Last month, Prime Minister Narendra Modi scrapped Rs 500 and Rs 1,000 currency notes in an effort to curb black money.
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