TIOL-DDT 2967 · the untouched capture
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<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=26988"><img src="http://www.taxindiaonline.com/RC2/image/stories/limca_book2016.jpg" alt="DDT in Limca Book of Records - Third Time in a row" width="252" height="220" hspace="5" border="0" align="right" ></a></font><font color="#663399" size="3">TIOL-DDT 2967</font><br>
09 11 2016<br>
Wednesday</strong></font></p>
<p align="center"><font color="#006600" face="Georgia, Times New Roman, Times, serif"><em><strong><font size="3">THE MODI-FICATION OF MONEY - THE LAW</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN </strong> 1978, the Government had demonetised the thousand rupee note. At that time my income for two months was less than a thousand rupee note and I had never seen a thousand note, nor did I know anyone who did let alone own one. Yesterday the thousand-rupee note is gone. I don't know anyone who doesn't have some of those notes.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>In a historical move that will add record strength in the fight against corruption, black money, money laundering, terrorism and financing of terrorists as well as counterfeit notes, the Government of India has decided that the five hundred and one thousand rupee notes will no longer be legal tender from midnight, 8th November 2016.</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">This is how the Law unfolded:</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Section 26 of the Reserve Bank of India Act, 1934, reads:</font></p>
<p align="left" style="background-color:#C1DFE8"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>26. Legal tender character of notes.</em></font></strong></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(1) Subject to the provisions of sub-section (2), every bank note shall be legal tender at any place in India in payment or on account for the amount expressed therein, and shall be guaranteed by the Central Government.</font></em></p>
<p align="justify"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(2) On recommendation of the Central Board the Central Government may, by notification in the Gazette of India, declare that, with effect from such date as may be specified in the notification, any series of bank notes of any denomination shall cease to be legal tender save at such office or agency of the Bank and to such extent as may be specified in the notification.</font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It is exercise of this power that the Government yesterday declared Rs.500 and Rs. 1000 notes shall cease to be legal tender.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em><strong>Why this move?</strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Notification answers: </font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. it has been found that fake currency notes of the specified bank notes have been largely in circulation and it has been found to be difficult to easily identify genuine bank notes from the fake ones and that the use of fake currency notes is causing adverse effect to the economy of the country; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. it has been found that high denomination bank notes are used for storage of unaccounted wealth as has been evident from the large cash recoveries made by law enforcement agencies; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. it has also been found that fake currency is being used for financing subversive activities such as drug trafficking and terrorism, causing damage to the economy and security of the country.</font></p>
</blockquote>
<p align="left" style="background-color:#C1DFE8"><strong><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">How can you exchange the old notes? The notification stipulates: </font></em></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The bank notes may be exchanged at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banks for a period up to and including the 30th December, 2016, subject to the following conditions:-</font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. the notes of aggregate value of Rs.4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and proof of identity; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. the limit of Rs.4,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of the notification and appropriate orders may be issued, where necessary; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. there shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person, where the specified bank notes are tendered; however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account, the maximum value of specified bank notes as may be deposited shall be Rs.50,000/-; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. the equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank in accordance with standard banking procedure and on production of valid proof of Identity; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. the equivalent value of specified bank notes tendered may be credited to a third party account, provided specific authorisation therefore accorded by the third party is presented to the bank, following standard banking procedure and on production of valid proof of identity of the person actually tendering; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6. cash withdrawal from a bank account over the counter shall be restricted to Rs.10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of commencement of the notification until the end of business hours on 24th November, 2016, after which these limits shall be reviewed; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">7. there shall be no restriction on the use of any non-cash method of operating the account of a person including cheques, demand drafts, credit or debit cards, mobile wallets and electronic fund transfer mechanisms or the like; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">8. withdrawal from Automatic Teller Machines (ATMs) shall be restricted to Rs.2,000 per day per card up to 18th November, 2016 and the limit shall be raised to Rs.4,000 per day per card from 19th November, 2016; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">9. any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 2016, shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by it.</font></p>
</blockquote>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em><strong>The Notification further stipulates that:</strong></em></font></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">1. Banks are closed for the transaction of all business on 9th November, 2016, except the preparation for implementing this scheme and remittance of the specified bank notes to nearby currency chests or the branches or offices of the Reserve Bank and receipt of bank notes having legal tender character. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">2. All ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash shall be shut on 9th and 10th November, 2016. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">3. Every bank shall recall the specified bank notes from ATMs and replace them with bank notes having legal tender character prior to reactivation of the machines on 11th November, 2016. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">4. The sponsor banks of White Label ATMs shall be responsible to recall the specified bank notes from the White Label ATMs and replacing the same with bank notes having legal tender character prior to reactivation of the machines on 11th November, 2016. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">5. All banks shall ensure that their ATMs and White Label ATMs shall dispense bank notes of denomination of Rs.100 or Rs. 50, until further instructions from the Reserve Bank. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">6. The banks shall resume their normal transactions from 10th November, 2016. </font></p>
</blockquote>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/rbi_act/Notification_S.O.%203407(E).htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">MoF, Department of Economic Affairs Notification S.O.3407(E)., Dated November 08 2016 </font></strong></a></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">The Notes are still Legal Tender in the following cases from the 9th November, 2016 until the 11th November, 2016:</font></strong></p>
<blockquote>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(d) for purchase at milk booths operating under authorisation of the Central or State Governments; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil Marketing Companies; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(f) for payments at crematoria and burial grounds;at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character; </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(g) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character. </font></p>
</blockquote>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/rbi_act/Notification_%20S.O.%203408(E).htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">MoF, Department of Economic Affairs Notification S.O.3408(E)., Dated November 08 2016 </font></strong></a></p>
<p align="justify"><strong><font color="#663399" size="2" face="Verdana, Arial, Helvetica, sans-serif">The Government notifies Rs.2000 notes: </font></strong></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In exercise of the powers conferred by sub-section (2) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government has specified the denomination of bank notes of the value of two thousand rupees. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/rbi_act/Notification_S.O.%203409(E).htm" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">MoF, Department of Economic Affairs Notification S.O.3409(E)., Dated November 08 2016 </font></strong></a></p>
<table width="100%" border="0" align="center" cellpadding="7" cellspacing="1">
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<td><div align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Also See : TIOL TUBE Videos on</strong></font></strong></font> FAKE CURRENCY </strong></font></div></td>
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<td class="xl67">
<p align="center">
<iframe width="560" height="315" src="https://www.youtube.com/embed/mCbsDtUNgdY" frameborder="0" allowfullscreen></iframe>
</p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="https://youtu.be/mCbsDtUNgdY">Making & Faking Of Indian Rupee- Episode 1</a></font></p></td>
</tr>
<tr>
<td class="xl67">
<p align="center">
<iframe width="560" height="315" src="https://www.youtube.com/embed/h4LcGvcrRpM" frameborder="0" allowfullscreen></iframe>
</p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="https://youtu.be/h4LcGvcrRpM">Making & Faking Of Indian Rupee- Episode 2 </a></font></p></td>
</tr>
</table>
<p align="center"><font color="#006600" size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><a name="f1"></a>RBI Issues FAQ </strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE</strong> Reserve Bank of India has issued an FAQ on the Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of Rs. 500/- and Rs. 1000/-</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Why is this scheme introduced?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>What is this scheme?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The legal tender character of the existing bank notes in denominations of Rs. 500 and Rs. 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>How much value will I get?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You will get value for the entire volume of notes tendered at the bank branches / RBI offices. </font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Can I get all in cash?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">No. You will get upto Rs. 4000 per person in cash irrespective of the size of tender and anything over and above that will be receivable by way of credit to bank account. </font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Rs. 4000 cash is insufficient for my need. What to do?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You can use balances in bank accounts to pay for other requirements by cheque or through electronic means of payments such as Internet banking, mobile wallets, IMPS, credit/debit cards etc.</font></p>
<p align="left" style="background-color:#C1DFE8"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">What if I don't have any bank account?</font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You can always open a bank account by approaching a bank branch with necessary documents required for fulfilling the KYC requirements.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Where can I go to exchange the notes?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The exchange facility is available at all Issue Offices of RBI and branches of commercial banks/RRBS/UCBs/State Co-op banks or at any Head Post Office or Sub-Post Office.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Need I go to my bank branch only?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">For exchange upto 4000 in cash you may go to any bank branch with valid identity proof. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">For exchange over 4000, which will be accorded through credit to Bank account only, you may go to the branch where you have an account or to any other branch of the same bank. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In case you want to go to a branch of any other bank where you are not maintaining an account, you will have to furnish valid identity proof and bank account details required for electronic fund transfer to your account.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Can I go to any branch of my bank?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes you can go to any branch of your bank. </font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Can I go to any branch of any other bank?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes, you can go to any branch of any other bank. In that case you have to furnish valid identity proof for exchange in cash; both valid identity proof and bank account details will be required for electronic fund transfer in case the amount to be exchanged exceeds Rs. 4000.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>I have no account but my relative / friend has an account, can I get my notes exchanged into that account?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes, you can do that if the account holder relative/friend etc. gives you permission in writing. While exchanging, you should provide to the bank, evidence of permission given by the account holder and your valid identity proof.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Should I go to bank personally or can I send the notes through my representative?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Personal visit to the branch is preferable. In case it is not possible for you to visit the branch you may send your representative with an express mandate i.e. a written authorisation. The representative should produce authority letter and his / her valid identity proof while tendering the notes.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Can I withdraw from ATM?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">It may take a while for the banks to recalibrate their ATMs. Once the ATMs are functional, you can withdraw from ATMs upto a maximum of Rs. 2,000/- per card per day upto 18th November, 2016. The limit will be raised to Rs. 4000/- per day per card from 19th November 2016 onwards.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Can I withdraw cash against cheque?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes, you can withdraw cash against withdrawal slip or cheque subject to ceiling of Rs. 10,000/- in a day within an overall limit of Rs. 20,000/- in a week (including withdrawals from ATMs) upto 24th November 2016, after which these limits shall be reviewed.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>Can I deposit Specified Bank Notes through ATMs, Cash Deposit Machine or cash Recycler?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes, Specified Bank Notes can be deposited in Cash Deposits machines / Cash Recyclers.</font></p>
<p align="left" style="background-color:#C1DFE8"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Can I make use of electronic (NEFT/RTGS /IMPS/ Internet Banking / Mobile banking etc.) mode?</font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You can use NEFT/RTGS/IMPS/Internet Banking/Mobile Banking or any other electronic/ non-cash mode of payment.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>How much time do I have to exchange the notes?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The scheme closes on 30th December 2016.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>I am right now not in India, what should I do?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">If you have Specified banknotes in India, you may authorise in writing enabling another person in India to deposit the notes into your bank account. The person so authorised has to come to the bank branch with the Specified banknotes, the authority letter given by you and a valid identity proof</font></p>
<p align="left" style="background-color:#C1DFE8"><em><font size="2" face="Verdana, Arial, Helvetica, sans-serif">I am an NRI and hold NRO account, can the exchange value be deposited in my account?</font></em></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Yes, you can deposit the Specified banknotes to your NRO account.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>I am a foreign tourist, I have these notes. What should I do?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You can purchase foreign exchange equivalent to Rs. 5000 using these Specified Bank Notes at airport exchange counters within 72 hours after the notification, provided you present proof of purchasing the Specified Bank Notes.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>I have emergency needs of cash (hospitalisation, travel, life saving medicines) then what I should do?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">You can use the Specified Bank Notes for paying for your hospitalisation charges at government hospitals, for purchasing bus tickets at government bus stands for travel by state government or state PSU buses, train tickets at railway stations, and air tickets at airports, within 72 hours after the notification.</font></p>
<p align="left" style="background-color:#C1DFE8"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><em>What is proof of identity?</em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff. </font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=wnew/RBI_FAQ09112016.htm" target="_blank"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>RBI FAQ </strong></font></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><strong><em><font color="#006600"><a name="f2"></a>No Need to File Annual Return - CBEC </font></em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN</strong> <a href="http://www.taxindiaonline.com/RC2/NewsDesc.php?MpoQSrPnM=Mjg1Mzk=" target="_blank"><strong>DDT 2965 07 11 2016</strong>,</a> we asked, <strong><em>CBEC - Where is that Annual Return?</em></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC has clarified: </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Rule 12 of Central Excise Rules, 2002 and Rule 9A of CENVAT Credit Rules, 2004, were amended to replace the existing Central Excise Forms ER-4 to ER-7 with an Annual Return form. On the service tax side, vide Notification No.19/2016-ST dated 01.03.2016, Rule 7 of the Service Tax Rules, 1994 was amended to prescribe an annual return. In terms of Rule 12 of Central Excise Rules, 2002 and Rule 7 of the Service Tax Rules, 1994, the format of the Annual Return which was required to be filed by 30th day of November, was to be specified by the Board by notification. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">In view of impending implementation of Goods & Services Tax (GST) it has been decided that, the aforesaid Annual Return shall not be required to be filed for the year 2015-16 which is due to be filed by 30.11.2016. After implementation of GST, Annual Return for non-GST goods only may be required. A final view on the same would be taken after due consultation with the trade.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Trade may be suitably informed that the aforesaid <strong>Combined Annual Return for 2015-16 is not required to be filed.</strong></font></p>
<p align="justify"><a href="http://www.taxindiaonline.com/RC2/notDesc.php?MpoQSrPnM=MjA3NDQ=" target="_blank"><strong><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC Circular No.1050/38/2016-CX., Dated November 08, 2016</font></strong></a></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f3"></a>Bengal Sales Tax Act - No Purchase Tax on Exim Scrips - Supreme Court</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>THE </strong> Supreme Court yesterday held that the replenishment licences or Exim scrips would, therefore, be <em>"goods"</em>, and when they are transferred or assigned by the holder/owner to a third person for consideration, they would attract sale tax. However, the position would be different when replenishment licences or Exim scrips are returned to the grantor or the sovereign authority for cancellation or extinction. In this process, as and when the goods are presented, the replenishment licence or Exim scrip is cancelled and ceases to be a marketable instrument. It becomes a scrap of paper without any innate market value.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">For more details, please see <strong><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=28561" target="_blank">Breaking News</a></strong></font></p>
<p align="center"><font size="3" face="Georgia, Times New Roman, Times, serif"><em><strong><font color="#006600"><a name="f4"></a>Now Does it matter who has control over GST?</font></strong></em></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>IN </strong>the changed scenario, does it really matter whether GST is under the control of the Central Government babus or the State Government babus?</font></p>
<p align="center"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><img src="http://www.taxindiaonline.com/RC2/image/stories/modi_quote.jpg" alt="" width="500" height="57" hspace="5" border="0" align="center"></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Hope you smile your way to the Bank tomorrow.</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until Tomorrow with more <strong>DDT</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>Have a nice day.</strong></font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail your comments to <a href="mailto:vijaywrite@tiol.in" target="_blank"><strong>vijaywrite@tiol.in</strong></a></font></p>
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