Page 20 - Banking Finance JANUARY 2017

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NEWS FLASH

 Govt comes out with a draft bill to check the men-  SEBI staff demands a revamp of internal systems
ace of Ponzi schemes  23% Jan Dhan accounts still without balance

 Lenders order forensic audit of JSPL after company  State funding not enough, may deliver limited re-
fails to repay loans sults: EC
 IT dept rejects declaration of Rs. 2L-crore income  Indian Railways includes third gender in tickets
by family under IDS  Centre can be invoked in case of significant viola-
 Despite note recall, India could be fastest-grow- tions in GST
ing economy: IMF  CBDT plans drive to sensitise taxpayer of e-initiatives

 IOC posts Rs. 3,121-cr net profit in second quarter  Indirect tax assessments not to be reopened if
ended September turnover rises: Revenue Dept
 DIPP plans to ease arbitration regulations for com-  Process for change in date of birth in passport
panies made easy
 Over 30,000km roads constructed under PMGSY till  43% of rural population defecate in the open: Sani-
Oct: MoS Ram Kripal Yadav tation Ministry

Govt aims to generate Rs. 1.3 lakh cr from IDS-II

The government expects the financial year's second and the final black-money-disclosure scheme to get twice the amount
declared under the previous disclosure scheme, which ended on September 30. The informal
target for the scheme is believed to be between Rs 1.3 lakh crore and Rs 1.5 lakh crore, indi-
cated the Central Board of Direct Taxes (CBDT). "Coupled with the demonistisation, the new
scheme will be the last window to come clean. The government's intention is very clear: There
is no room for black money," said CBDT Chairman Sushil Chandra.

"It (the disclosure) should be double of the previous scheme. Now all the money has to come to
the surface. Everyone now wants to clean their money because only then will they be able to
utilise it. Besides, we are moving fast with digitisation. We are sure that once the new Bill is
passed by Parliament, we will get very good results," said Chandra.
Rs 10 for 2 cashless transactions with Govt
Each citizen who performs at least two cashless transactions with the government will earn their district administra-
tion an extra Rs 10 from the Niti Aayog. The aim of this idea was to promote e-payments
across the population. This incentive comes over and above a sum of Rs 5 lakh that every
district will receive for the campaign.
As part of the drive, the government wants to have the panchayats and districts vying for
a digital championship like the way towns and cities now compete for Swachh Bharat and
Smart City titles. Under the campaign, the first 50 panchayats that go cashless - which
means every financial transaction between its residents and the government would have to be digital - will receive the
Digital Payment Award of Honour.

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