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



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


Office of profit case: Delhi HC sets aside disqualification of 20 AAP MLAs




New Delhi, March 23: In a massive relief for Arvind Kejriwal government, the Delhi high court on Friday restored membership of 20 disqualified AAP MLAs who were disqualified by the Election commission of India in connection with the office of profit case.

After delivery the judgement, the Court referred the case back to the poll panel citing the disqualification of AAP MLAs was bad in law.

In its verdict, the court said “the violation of oral hearing norms by EC and failure to communicate that  Chief Election Commissioner OP Rawat after recusing had rejoined proceedings were the reasons to quash the January 19 order”.

The MLAs who had been engaged in the battle were Alka Lamba, Adarsh Shastri, Sanjeev Jha, Rajesh Gupta, Kailash Gehlot, Vijendra Garg, Praveen Kumar, Sharad Kumar, Madan Lal Khufiya, Shiv Charan Goyal, Sarita Singh, Naresh Yadav, Rajesh Rishi, Anil Kumar, Som Dutt, Avtar Singh, Sukhvir Singh Dala, Manoj Kumar and Nitin Tyagi.

On January 19, the election commission sent its recommendation to the President for his assent to disqualify 20 Aam Aadmi party MLAs for holding ‘office of profit’.

Following this, President Ram Nath Kovind disqualified 20 AAP MLAs for holding Office of Profit.

The poll panel was referring to the fact the MLAs had been appointed parliamentary secretaries to ministers in the Delhi government in March 2015.

Challenging EC’s recommendation, then AAP MLAs approached the Delhi High Court.


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INX Media case: Delhi High Court grants bail to Karti Chidambaram



New Delhi, March 23: The High Court on Friday granted bail to former Finance Minister P Chidambaram’s son Karti Chidambaram in connection with the INX Media case. 

Earlier, the court had reserved order on the bail plea of Karti Chidambaram on March 16 after hearing arguments from prosecution as well as defence counsel.

Karti Chidambaram’s advocate had told the court that his client has been co-operative during the investigation.

Countering his claim, the Central Bureau of Investigation contended that he did not co-operate and has tried to influence witnesses in the case. However, the probe agency did not reveal the name of witnesses.

The special court March 12 sent Karti Chidambaram to judicial custody till March 24.

Karti Chidambaram was held in February for allegedly taking money to facilitate Foreign Investment Promotion Board (FIPB) clearance to INX Media in 2007 when his father was the Finance Minister.


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Anna attacks Modi government on Lokpal, agrarian crisis



Anna Hazare
Anna Hazare begins fast for LokPal

New Delhi, March 23: Launching a fresh anti-corruption agitation with an indefinite fast here on Friday, social activist Anna Hazare said his efforts to communicate with the Modi government on issues of Lokpal and agrarian distress had yielded no result.

“I have written 43 letters to the Modi government in the last four years but did not get any reply,” he said soon after he began his hunger strike at the sprawling Ramlila Maidan here after paying tributes to Mahatma Gandhi at Rajghat.

“The farmers in the country are in distress as they are not getting remunerative prices and the government is not acting to ensure fair prices.”

Hazare has been pressing for setting up Lokpal at the Centre and Lokayuktas in the states to probe corruption cases, bring in new electoral reforms and implementation of the M.S. Swaminathan Committee report to address the agrarian crisis in the country.

He said he would hold discussions with the government during the agitation but his indefinite hunger strike, called ‘Satyagraha’, would continue “till the government comes out with a concrete action plan”.

The activist, who held a major agitation in 2011 against corruption catching the imagination of Indians, said Union Agriculture Minister Radha Mohan Singh and some ministers from Maharashtra met him on Thursday and gave certain assurances.

“But I said I don’t trust you. How many promises you have fulfilled so far? Nothing. So come with concrete action plan,” he said in his address to thousands of supporters gathered at the iconic ground in the heart of Delhi.

Hazare said the Commission for Agricultural Costs and Prices (CACP), which decides prices for 23 crops, should be made autonomous for fair price fixation.

Currently, the Central government controls CACP and cuts the fair price rates suggested by states by 30-35 per cent, he said.

“I will prefer dying for the nation than by heart attack,” said the 80-year-old activist, whose 2011 agitation gave birth to the Aam Aadmi Party (AAP) now ruling in Delhi.

The agitation also contributed to the Congress-led UPA losing the 2014 general elections that brought the BJP to power at the Centre.

Last month, Hazare accused Prime Minister Narendra Modi of not being interested in the appointment of the Lokpal at the Centre.

The veteran activist said Modi was “never serious about Lokpal”.

The reason behind the delay, he said, in the appointment of a Lokpal was because the Prime Minister was afraid that once this became a reality, his office as well as that of his cabinet members would also come under its purview.


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