RBI's currency stock can last beyond December 30: Arun Jaitley

RBI's currency stock can last beyond December 30: Arun Jaitley

Jaitley explained that small traders and businessmen with turnover of up to Rs 2 crore, who most likely do not maintain proper accounts, will be presumed to have earned 8% income or profit for tax purposes.

Finance Minister Arun Jaitley on Tuesday said railway customers would have to pay for services they use as the Centre would refrain from indulging in "populist measures" in the next Union Budget.

"If we calculate, many traders will get a tax advantage of more than 30 per cent for transactions in digital mode", he added. "But depositing old currency in the same account every day raises suspicion", Mr Jaitley said at a press conference.

Meanwhile, RBI deputy governor said that all ATMs have been recalibrated and economic affairs Secretary Shaktikanta Das assured that currency supply situation has improved considerably.

Addressing the media post the meeting, Jaitley announced tax relief for all e-transactions and expressed his satisfaction on the rise in digital payment post the note ban initiative launched by the government on November 8. The decision has been taken to achieve the governments mission of moving towards a less cash economy and to incentivise small traders/businesses to proactively accept payments by digital means, the CBDT said.

After putting restrictions on the deposits of the demonetised notes above Rs 5,000 till December 30 and that too once, the minister said, "Today there are no exemptions, as long as there were, people were getting old currency".

Related:

Comments


Other news