Union Finance Minister Arun Jaitley addressed a national conference on accounting reforms.
Union Finance Minister Arun Jaitley briefs the media on demonetisation. Here are the highlights:
- If small traders, whose yearly turnover is up to 2 crore, 8 per cent will be taken as their income. They would have to pay tax on that income.
- If he does his transactions digitally, his income will be considered only 6 per cent (of up to 2 crore). This will help them immensely.
- Not all notes printed by RBI are sent out. Hence, that is not considered currency in circulation.
- RBI has sufficient cash, not just to last them till Dec 30. But well beyond that.
- We have got the statement from the chairman of Axis Bank.
- Banks are keeping a track of staff activity. This is not just the case with Axis Bank, but with all banks.
- Debit cards, credit card usage has gone up significantly.
- Mobile wallets and e-payments have also seen a massive increase in transactions.
- Up to 30th December everyone can deposit money in banks.
- But since all transactions and exemptions have been lifted, and no transaction can be done in old 500 and 1,000-rupee notes, it is logical to deposit the remaining cash in banks in one go.
- There is no other purpose left for the scrapped currency. Depositing it is the only option left, so why can it not be done in one go.