Cgarh Adopt Resolution on Demonetization

Chhattisgarh has become the first state to adopt a resolution welcoming the demonetisation of high-value currency notes. The state Assembly adopted a resolution moved by Chief Minister Raman Singh welcoming the Centre’s decision. The CM said, the decision was taken to flush out black money from the system. It will usher in the clean transaction and clean money system.

Committee for Inter- Linking of Rivers

The Union Cabinet chaired by PM Modi has approved constitution of ‘special committee for inter-linking of rivers’ in compliance with a 2012 Supreme Court order. The move will help in monitoring precious projects to be carried out under its National Perspective Plan, 1980. Status-cum-progress report of the special committee will be submitted bi-annually to Cabinet.

Airbags, Speed Warning Mandatory from Oct

The Ministry of Road Transport has issued an amendment stating new inclusions to the list of mandatory requirements for new cars. The Ministry announced that all new cars will need to have airbags, reversing sensors, manual override for central locking system & a high-speed alert system. Airbags will be mandatory for cars manufactured on or after 1st Oct 2017 & others on & after April 2018.

Deposits Above 2.5L to Invite Penalty

The Govt has warned that the cash deposits above 2 lakh 50 thousands rupees threshold under the 50-day window can attract tax plus a 200% penalty in case of income mismatch. This was said by Revenue Secretary Hashmukh Adhia. The government will get reports of all cash deposited during the period of 10th Nov to 30th Dec above a threshold of 2.5 lakh rupees in every account.

Banks to Report Frauds of Rs1 cr & Above

The Central Vigilance Commission has now made it mandatory for the public sector banks to report any bank fraud of funds of over ` 1 crore. The CVC has hired four General Manager ranked officers from bank as advisors,. They will recommend whether CBI probe can be ordered in cases of bank frauds. According to the CBI data, in 2015, the agency had probed 171 cases of bank frauds.