GK & Current Affairs!
The ban on cash transactions of more than Rs.2 lakh a day will not apply to withdrawals from banks, post office savings accounts and cooperative banks, the Central Board of Direct Taxes said. The Finance Act 2017 prescribed to impose a penalty equal to the transacted amount on those who violated the rule restricting cash transactions. It provides that no one can deal in cash in excess of Rs 2 lakh a single day, in respect of a single transaction or transactions relating to one eventor occasion. The restrictions will also not apply to any receipt by government, banking company, post office savings bank and cooperative bank, the CBDT said in a statement.
To curb large cash transactions and discourage black economy, finance minister Arun Jaitley had in the 2017-18 budget proposed to ban transaction of over Rs 3 lakh a day. This limit was lowered to Rs.2 lakh through an amendment to the Finance Bill 2017 that was later passed by Parliament. In another related measure, the Finance Act said any capital expenditure in cash exceeding Rs 10,000 shall not be eligible for claiming depreciation allowance or investment-linked deduction. Similarly, the limi ..
India and the UK decided to set up a 240 million pound fund to finance clean energy projects. The Green Growth Equity Fund will be a sub-fund of NIIF. India had in 2015 set up the Rs 40,000 crore National Infrastructure and Investment Fund (NIIF) to finance greenfield as well as brownfield projects. The fund will focus initial investments in India’s rapidly growing energy and renewables market.