News Update

GST - CBIC invites taxpayers to join fight against profiteeringNaidu dismisses impeachment notice against CJICX - Rebate which is sanctioned to appellant cannot be appropriated by invoking provisions of s.11, more specifically when dues are due from totally different entity: CESTATExport in new tax regime - Dichotomies & glitches in procedureOnce service tax has been discharged by M/s RMIL on fees collected from investors before remitting 95% amount to Appellant, demand of tax on this sum from Appellant would be double taxation: CESTATUniversalisation of the OECD transfer pricing guidelines (See 'TII Edit')CX - Employee is earning not for himself but also for family members - ST on insurance premium paid by company on group policy for employees as well as their family members is allowable as CENVAT credit: CESTATNDA Govt plays politically safe; shuns major fiscal reformsST - VCES, 2013 - Sec 110 is standalone section & makes no reference to Sec 107(4) of FA, 2013 - applicability of s. 110 is required to be examined independently: CESTATOrdinance promulgated to attach properties of Fugitive Economic OffendersTrade liberalisation increases GDP & private consumption: OECDI-T - Temporary suspension of business should not be construed as permanent closure, and hence will not debar owner from claiming routine commercial expenses: ITATGovt promulgates Ordinances to amend IPC to punish child rapist + take action against fugitive economic offenders15 Maoists killed in major operation by Maharashtra PolicePM to visit China for two-day summit starting on April 27When on date of DPC there was no criminal proceeding pending against officer, promotion cannot be denied merely on ground that CBI had recommended major penalty in a DA case: HCGST team of CGST & SGST officials bag PM's Award on Civil Services DayOnline Dispute Resolution mechanism launched
Untitled Document

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF ECONOMIC AFFAIRS
NEW DELHI

NOTIFICATION

Dated: November 8, 2016

S.O. 3408(E).- Whereas, by the notification of the Government of India in the Ministry of Finance, vide F. No. 10/3/2016-Cy.I dated 8th November, 2016 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 8th November, 2016, the Central Government declared that the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees (hereinafter referred to as the specified bank notes), shall cease to be legal tender on and from the 9th November, 2016;

And whereas, it has become necessary to notify certain exemptions for the convenience of the members of public in carrying out certain emergent and urgent transactions using the specified bank notes;

Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby declares that the specified bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:-

(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor's prescription;

(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;

(c) for purchases at consumer cooperative stores operated under authorisation of Central or State Governments;

(d) for purchase at milk booths operating under authorisation of the Central or State Governments;

(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil Marketing Companies;

(f) for payments at crematoria and burial grounds;

(g) at international airports, for arriving and departing passengers, who possess specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character;

(h) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.

2. All establishments referred to in paragraph 1, shall maintain complete account of record of stock and sale of transactions made with the specified bank notes during the period between 9th November, 2016 and 11th November, 2016.

[F. No. 10/03/2016-Cy. I]

(Dr Saurabh Garg)
Jt Secy.