Here is your 10-point guide to this big story:
1-The old notes must be saved in banks before the year’s over. Stores more than 2.5 lakhs will be contemplated by assessment authorities.
2-The individuals who recognize they have set dark or beforehand untaxed cash in their records will pay a 60 for every penny punishment notwithstanding charges.
3-A divulgence conspire called the Pradhan Mantri Garib Kalyan Yojana (PMGKY) 2016 permits individuals to store cash till April by paying 50 for every penny of the aggregate sum – 30 for each penny as duty, 10 for each penny as punishment and 33 for each penny of the exhausted sum – that is 10 for each penny – as Garib Kalyan Cess.
4-So the duties and tolls will break even with almost 50 for each penny of the store.
5-25 for each penny of the cash that remaining parts after expenses will be accessible to the record holder.
6-The other 25 for each penny or rest of the dark cash that is being changed over will be utilized by the legislature for a long time in an uncommon new store that will be known as the Pradhan Mantri Garib Kalyan Yojana and will be utilized by to reserve welfare plans. No intrigue will be paid to the proprietor for this.
7-For cash that is found in assaults, duties and punishments will take about 85 for every penny of the sum, leaving 15 for every penny with the proprietor. (For money whose source can be distinguished, the punishment will be 30 for each penny alongside the general duty rate; for cash whose root can’t be clarified, the punishment will twofold to 60 for every penny).
8-The new proposition was conveyed to parliament today by Finance Minister Arun Jaitley.
9-It is practically sure to be cleared in this winter session of parliament since it is being considered by the Lok Sabha, where the administration has a gigantic greater part.
10-As a Money Bill, it will be looked into by the Rajya Sabha, yet can’t be dismisses by the Upper House, where the legislature is in a minority.