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Demonetisation Dampens Pay Day, Long Queues Outside Banks, ATMs | December 1, 2016, 9:45 PM IST
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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.

Dec 1, 2016 7:47 pm (IST)
Dec 1, 2016 7:21 pm (IST)

Bank customers face harassment and inconvenience at various places in Punjab, Haryana and Chandigarh while withdrawing cash on pay day.

Dec 1, 2016 7:15 pm (IST)

Centre's move of demonetisation will augur well for the m-commerce industry in the country and most of the retail commerce will shift to mobile: Report

Dec 1, 2016 7:11 pm (IST)

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.

Dec 1, 2016 7:08 pm (IST)

Police seize cash worth Rs 20 lakh in scrapped Rs 1,000 notes from a vehicle at Vartej crossroads near Bhavnagar district of Gujarat.

Dec 1, 2016 7:00 pm (IST)

Demand for apparels is expected to slowdown in near term following the government's decision to demonetise high value notes: ICRA

Dec 1, 2016 6:11 pm (IST)

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.

Dec 1, 2016 6:10 pm (IST)

IAF is using C-130J and C-17 heavy lift aircrafts to ferry currency notes to various regional centres: Sources

Dec 1, 2016 6:09 pm (IST)

IAF has so far taken 18 sorties to ferry currency notes from Indore (Dewas Bank Note Press), Nashik, Mysore and Salboni: Sources

Dec 1, 2016 6:08 pm (IST)

To ease currency crunch and augment availability, the Indian Air Force (IAF) has so far ferried 270 tonnes of new currency notes in last 10 days: Sources

Dec 1, 2016 5:50 pm (IST)

ALSO READ: GST, Demonetisation to be Game Changers For Economy, says Jaitley

On the hue and cry over the demonetisation exercise, he said:

Dec 1, 2016 5:35 pm (IST)

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.

Dec 1, 2016 5:32 pm (IST)

Income Tax department sleuths recover 5 kg bullion and 6 kg jewellery from Bengaluru.

Dec 1, 2016 5:30 pm (IST)

IT dept seizes over Rs 5 crore in new currency notes after searches in premises of two contractors and two engineers.

Dec 1, 2016 5:26 pm (IST)

Supply of LPG continues to be in the exempted category for the purpose of payment through old Rs 500 bank notes.

Dec 1, 2016 5:26 pm (IST)

With effect from the midnight of December 2, 2016, old Rs 500 bank notes will not be accepted at petrol, diesel and gas outlets of public sector oil and gas marketing companies as well as for purchase of air tickets at airports.

Dec 1, 2016 5:25 pm (IST)
Dec 1, 2016 5:25 pm (IST)
Dec 1, 2016 5:24 pm (IST)

PM was sitting in House ... We were ready for discussion. Why Opposition is running away from discussion. We disapprove hacking of Rahul Gandhi's Twitter account, says Ravi Shankar Prasad

Dec 1, 2016 5:21 pm (IST)

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.

Dec 1, 2016 5:19 pm (IST)

Congress is misleading country by saying internet banking is not secure. Congress is huffing and puffing the way people are supporting Modi over demonetisation, says Union Law Minister Ravi Shankar Prasad

Dec 1, 2016 5:16 pm (IST)

This demonetisation will result into jobless economy, says Congress

Dec 1, 2016 5:15 pm (IST)

Retailers are suffering as a result big players like Walmart will gain, says Congress

Dec 1, 2016 5:08 pm (IST)

IT department seizes over Rs 4 crore in new currency notes after searches in premises of two individuals in Bengaluru.

Dec 1, 2016 4:38 pm (IST)

GST will bring down inflation, says Arun Jaitley

Dec 1, 2016 4:36 pm (IST)

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.

Dec 1, 2016 4:33 pm (IST)

Apart from neta and media, everything else has changed in the country (Neta aur media waale nahi badle, iske alawa desh mein sab badal gaya): Jaitley

Dec 1, 2016 4:30 pm (IST)

Those who are honest are getting benefit from demonetisation, says Arun Jaitley

Dec 1, 2016 4:28 pm (IST)

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.

Dec 1, 2016 4:21 pm (IST)

GST and Demonetisation would be game changer in Indian economy and it might take a quarter or two for the results to be seen, says Arun Jaitley

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