Just 10 ahead of the expiry of the demonetisation scheme, Finance Minister Arun Jaitley on Tuesday clarified the latest changes in rules regarding Income Tax and old currency deposit schemes.
Addressing reporters in New Delhi, the finance minister announced that small traders and businesses with a turnover of up to Rs 2 crore will pay less tax if they accept payments through banking and digital means.
He said, "Credit and debit card users and e-wallets usage have increased significantly post demonetisation. E-transactions have incresed and Aadhar based transactions have increased by almost 300 percent...We are aware that there have been problems with USSD and UPI as time goes by we will correct it".
The Union minister also sent a message to the general public through the reporters urging them not to panic over cash crisis. He said, "The government is fully prepared for demonetisation. RBI has enough cash in reserve and it will have enough post December 30 and beyond".
The finance minister announced that," We were fully prepared for demonetisation... We will give info about the cash in circulation and the cash printed later... There has not been a single day whne the RBI fialed to disburse adequate cash to banks".
Speaking on the money laundering activity and fake accounts found in two Axis Banks, Jaitley said, "Axis bank has taken action against its won officers, especially the ones whom the investigative agencies have not caught. Banks themselves have identified its corrupt officers and taken action against them".
However, the union minister refused to comment on revised income tax slabs.
"Since all exemptions for old currency is over, people will get one oppurtunity to deposit all old currency notes...If a person keeps on depositing old currency notes everyday it will raise questions. Whoever has got old currency notes must deposit it in one go," he said.
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