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Deposit exceeding Rs 5000 only once per account until December 30th 2016

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Delhi, 19 Dec: In a major decision taken by the Ministry of Finance, Deposit of an amount exceeding Rs 5000 only be deposited once per account until December 30, 2016 only after showing reasons for not doing so earlier.

Later Finance Minister Arun Jaitley has clarified that no questions will be asked if any amount of old currency is deposited in one go, but repeated deposits may provoke queries.

“If they go and deposit with bank any amount of currency no questions are going to be asked to them and therefore the 5000 rupee limit does not apply to them if they go and deposit it once,” Jaitley told reporters here on Monday night, after the Reserve Bank of India announced earlier in the day that deposits of old Rs 500 and Rs 1,000 notes in excess of Rs 5,000 will now be allowed only once till December 30 — that too after strict scrutiny.

“But if they are going to go everyday and deposit some currency, same person, that gives rise to suspicion that where is he acquiring this currency from. In that event a person may have something to worry about. Therefore everyone is advised whatever old currency you have please go and deposit it now,” he said.

People depositing the old Rs 500 and Rs 1,000 in excess of Rs 5,000 will be questioned in the presence of at least two bank officials why this was not deposited earlier, the RBI said in a notification here.

However, no limit on quantity or value of specified bank notes tendered for payment & deposit under Taxation & Investment Regime for PMGKY 2016.

Old note of Rs 500 and Rs 1000 in excess of 5000 into bank a/c will be received for credit only once during remaining period till Dec 30,’16.

It may also be ensured that full value of tenders of SBNs in excess of ₹ 5000 shall be credited to only KYC compliant accounts, RBI said.

If accounts are not KYC compliant credits may be restricted up to Rs 50,000 subject to conditions governing the conduct of such accounts, said RBI.

Wefornews Bureau

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Tamil Nadu: 9 people killed as Anti-Sterlite protest turns violent in Tuticorin

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Chennai, May 22: At least nine persons were killed and over a dozen injured after the Anti-Sterlite protest turned violent in Tamil Nadu’s Tuticorin on Tuesday.

Hundreds of residents went on a rampage demanding the closure of a Sterlite’s industrial plant in the city, citing that the pollution it generates is causing serious health issues.

To control the situation police resorted to firing and lathi-charge. Section 144 has been also imposed in the area.

We condemn both the state and central government who have failed to constitute Cauvery Board with all its statutory powers. We also condemn the police atrocities & violence that took place in Tuticorin during the protest”, said DMK leader MK Stalin

The agitation against the plant, which represents the copper unit of Vedanta Limited, recently escalated after the firm announced the expansion of its unit in the city.

Sterlite Copper, which presently operates a 400,000-tonne per annum, maintains it has received necessary permits and has not violated any guidelines.

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Petroleum products should come under GST: IOCL Chairman

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New Delhi, May 22: Indian Oil Corporation Limited (IOCL) Chairman Sanjiv Singh on Tuesday stressed on bringing petroleum products under the Goods and Services Tax (GST) to provide relief to common people from a surge in fuel prices.

“There is no directive from the government to control fuel price. Spikes (in prices) were happening earlier and we decided to hold the prices for 19 days. All the petroleum products should come under GST”, said IOCL Chairman.

On being asked whether IOCL violated govt directive of day to day revision of prices of petroleum products during Karnataka election, he stated “government has given us a freedom to revise prices on day to day basis, we took a call”.

Earlier in a day, All India Petroleum Dealers Association president Ajay Bansal said the rising fuel price can be controlled by reducing VAT of state and central taxes.

“Fuel prices are directly linked to crude oil. The Organization of the Petroleum Exporting Countries (OPEC) have reduced supplies. We don’t have any say to bring down the price. We can only reduce VAT of state taxes and central taxes, that is the only way to reduce the price,” asserted Bansal.

A litre of petrol in Mumbai was retailing at Rs 84.70, while in Bhopal it hit a record high of Rs 82.47 on Tuesday.

Meanwhile, diesel touched Rs 71.66 in Bhopal and in Mumbai Rs 72.48 per litre.

In Delhi, prices of petrol was retailing at Rs 76.87 for a litre.

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Enforcement Directorate seizes assets worth crores from Dabur Director

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New Delhi, May 22: Enforcement Directorate (ED) on Tuesday seized assets worth Rs. 20.87 crores belonging to Pradip Burman, the Director of Dabur India Ltd. in lieu of assets held abroad.

The ED seized the assets under section 37A of Foreign Exchange Management Act, 1999 (FEMA), news agency ANI reported.

Burman, is the Chairman of Dabur Nepal Pvt Ltd (a subsidiary of Dabur India Ltd), Sanat Products Ltd., and Ayurvet Ltd. Sandesh. He joined the company in 1968, after completing his education from Massachusetts Institute of Technology (MIT).

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