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Move to Seal Bank Lockers, Impound Gold and Jewellery are Fake News: Finance Ministry

Finance Ministry Confirms there is no move to seal Bank Lockers, Gold and Jewellery

Recently the news was spreading that the Government is going to take a move to seal bank lockers, impound Diamonds, and Jewellery. Responding to this, Finance Ministry on Friday clarified that there would be no move to seal bank lockers, Diamonds and Jewellery of account holders and all these are baseless rumors.

Finance Ministry officials also confirmed that the ink of the new Rs 2000 notes has been bleeding in some cases. The Central Finance Ministry tweeted on their official Twitter page regarding this. They posted, “Myth: Next move is to seal bank lockers and confiscate gold, diamonds, and Jewellery. Reality: This is baseless. There is no application to seal bank lockers and seize the Jewellery.”

The ministry also revealed exciting news about newly released Rs 2000 note. They posted that, “Rs 2000 note has a unique feature which called as intaglio. If you rub the note with a cloth, a turbo-electric field is generated due to note’s ink gets transferred on the cloth. If you feel that effect, surely it is a genuine one.”

The Central Finance Ministry did seven tweets in Hindi in “Myth and reality” format.

Finance Ministry Tweets

The #FinanceMinistry denied the rumors that the Government’s’ ban move was only for an improving exercise and that people would be able to find other ways to keep their black money.

“The implementation agencies are keeping a watch. Necessary changes have been made in Benami Transactions Act and in agreement of sharing information for reducing black money.” Finance Ministry added.

For More News Updates: Techfactslive

IT Department giving Income Tax Certificate of Appreciation for Encouraging Tax payers

certificate-of-appreication-for-tax-payers

Central Processing Centre (CPC) of IT Department are issuing the certificate of Appreciation through the registered e-mails of the prompt tax payers.

Such an idea is delivered from the Central Finance Ministry. Arun Jaitley, on 19th Sep 2016, handed over these certificates to some of the selected taxpayers. Central Board of Direct Taxes (CBDT), Chairperson Rani Singh Nair will be signs these certificates.

Ministry of Finance and CBDT ha categorized the taxpayers into Bronze, Silver, Gold and Platinum. Based on the income tax paid every year by the individual he will be placed n the category.

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The layers suggested for categorization are between Rs. 1 lakh and Rs.10 lakh belong to Bronze category, between Rs. 10 lakh and Rs. 50 lakh will be in Silver category, between Rs. 50 lakh and Rs. 1 crore will be Gold category and finally those who pay above Rs. 1 crore are placed in the platinum category.

Till date, the individuals in India have only one opinion. And that is whenever tax is not paid in time, and IT departments knock the doors through email or with any other communications. Interestingly, breaking the ice of that negative thinking, a positive step by the IT department is appreciable. A letter of appreciation from IT department should be applauded.

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IT Certification of appreciation letters can be taken a printout and can be framed as a matter of pride. It also resembles the amount of the tax we are paying in for the outsiders. The appreciation letter also admires by mentioning thanks to the individual for his part in building the nation.

Surprisingly, only 1% of Indian population pay taxes. Out of 125 billion population, this percentage is something to be ashamed of.

Google to Develop “Bharat Saves” Website to Help Customers Save and Invest Money

Bharat Saves
Google to Develop Bharat Saves Website with a Tag Line to Save more and Invest Better

Google gives a supporting hand to Indian customers by helping to save more and invest better. The Tech Giant Company planning to develop a website Bharat saves that will offer information on financial planning. Google is planning to develop Bharat Saves Website and wants to link up with PM Modi’s Jan Dhan Yojana which launched on 2014 with 24 Crore Accounts. The scheme since its launch has attracted 24 crore new bank accounts.

Google discussing with the Indian Government and the company proposal is being examined, said a senior official belonging to central finance.

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He said the digital platform “may provide a range of financial literacy tools and information on financial products.”

A Google spokesperson told media: “In line with the Prime Minister’s vision to create greater financial inclusion various BFSI organizations and industry associations are coming together to launch a digital platform.”

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Google Bharath Swill align with Jan Dhan initiative and also tie up with other financial institutions. Google says with this Bharat Saves website financial saving will get rose in Fiscal Year 2016 after stagnating for many years.

 Another Tech giant company “Apple” also held talks with the government of India on making Apple Pay App. A Mobile App that used for payment and digital wallet service.

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We all know Prime Minister Narendra Modi met several Tech Company CEO’s to make Digital India. Let us all wait for the confirmed information from Google and Indian Government officials.