December, 2016

PM Modi Launches ‘BHIM’ Mobile App

PM Modi launched a mobile app Bharat Interface for Money, BHIM. The app will facilitate digital cash transactions with only a thumb print after the bank account is linked with Aadhaar gateway. Payments through the new system can be made by just a thumb impression. The new indigenously developed payment app BHIM has been named after the main architect of Indian constitution, Dr B R Ambedkar.

Withdrawal Limit from ATMs Increased

RBI has increased the daily limit of ATM withdrawal to Rs 4500 from current Rs 2500 with effective from Jan 1, 2017. There has been no change in the weekly withdrawal limit, which stands at Rs 24,000, including from ATM, for individuals and Rs 50,000 in case of small traders. Following demonetisation of old notes limits had been imposed on withdrawal of cash from banks as well as ATMs.

CBDT Extends Deadline for Tax Scheme

The scheme for resolving tax disputes introduced by the govt in June this year has been extended by one more month till Jan 31. The Direct Tax Dispute Resolution Scheme seeks not just to settle disputes in retrospective taxes, but end nearly 2.6 lakh pending tax cases. The scheme provides for waiving interest & penalties if the principal amount involved in retrospective tax cases is paid.

Venezuela Extends Money Swap Deadline

Venezuelan President has again extended the deadline to withdraw from circulation the country’s most common currency note. The deadline had been set for 2 Jan but will now be on 20 Jan. Mr Maduro said he did not want Venezuelans to worry about exchanging the currency near the New Year festivities. Venezuelans had been initially given 72 hours in mid-December to swap their 100 bolivar notes.

India, Singapore Signs Protocol on DTAA

India and Singapore have amended the DTAA for the avoidance of double taxation and prevention of fiscal evasion by signing a Third Protocol. This is in line with India’s treaty policy to prevent double non-taxation, curb revenue loss and check black money. India had amended the DTAA with Mauritius and Cyprus. Double taxation avoidance agreements will block the routes to evade taxations.

President Clears Currency Ban Ordinance

President Pranab Mukherjee gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance. It provides for making holding of old 1,000 & 500 rupee notes after 31st of March next year a offence. It will attract a fine of 10 thousand rupees or five times the cash held, whichever is higher.

RBI Notifies Closure of Old Notes

RBI has notified the closure of the deposit and exchange of the old notes. With the closure of the facility all banks should report information on collection on December 30, itself. From next week onward, those still holding the scrapped currency can deposit it only with the RBI till March 31, 2017. The govt had on Nov 8 announced that Rs 500 &1,000 notes were no longer the legal tender.

Mother Dairy Launch Aadhaar-enabled Mode

Mother Dairy has introduced Aadhar enabled payment system(AEPS) in more than 1,000 milk booths & ‘Safal’ retail stores. The service was commissioned in association with CSC e-Governance Service India Ltd under the aegis of Department of Electronics and Information Technology (Deity). The AEPS mode of payment does not require any physical cash or card to make the transactions.

Sports Ministry Suspends IOA

Government has de-recognised the Indian Olympic Association(IOA) on the issue of nominating Suresh Kalmadi and Abhay Chautala as its life presidents. Kalmadi & Chautala were elevated to the honorary position. Sports Ministry has suspended the deemed recognition of IOA. Kalmadi was jailed in connection with the CWG scam while Chautala is facing charges in disproportionate assets case.

Kush Creates History in UAE Tourney

Mumbai prodigy Kush Bhagat has won all three gold medals on offer in the 1st Western Asia Youth Chess Championships. The event was held at Al Ain Chess Club in UAE. The second standard student reigned supreme in all the three categories – rapid, blitz and standard. He overcame the challenges from 158 participants from 20 countries across the world.