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Press release dated 17th November, 2016 The Income-Tax department has asked two Tata Trusts to explain
investments flagged by Parliament’s Public Accounts Committee.
The Bilateral Competent Authority Mutual Agreement Procedure Further it is reopening the issue of tax exemption granted to one
(MAP) / Advance Pricing Agreement (APA) meeting between of them, top I-T officials said on Friday. Tata Trust officials were
India and USA was held in Washington DC, USA during the last asked to explain themselves but they have sought more time.
week of October, 2016. The discussions in the meeting were (Click here to read more)
UNION BUDGET TO BE PRESENTED ON FEB 1 As another customer-centric measure, the limit for cash
withdrawal at POS has been made uniform at to ₹ 2000/- per day
The Union Budget 2017-18 will be presented on February 1. The
across all centres (Tier I to VI) for all merchant establishments
inter-ministerial discussions for finalizing the Revised Budget enabled for this facility and (ii) customer charges, if any, being
Estimates have been completed, said a government source, levied on all such transactions waived till December 30, 2016,
adding it would not be impacted by the government decision to subject to review.
demonetize Rs 500 and Rs 1,000 notes. The government has
decided to advance the Budget process by a month to ensure it is It may be recalled that the Reserve Bank had vide its
completed before the start of the new financial year on April 1. circular DPSS.CO.PD.No.449/02.14.003/2015-16 dated August 27,
2015 permitted cash withdrawals at Point of Sales (POS) upto ₹
1000 in Tier I to II centres and upto ₹ 2000 in Tier III to VI centres.
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