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Fresh curbs on deposits of old notes

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Deposits of demonetised Rs 500 and Rs 1,000 notes worth more than Rs 5,000 into bank accounts can be made only once till December 30.

The Reserve Bank of India (RBI) has announced fresh restrictions on deposits to check laundering of unaccounted cash using bank accounts.

RBI sources said large deposits cannot be made multiple times in bank accounts and people can deposit up to Rs 5,000 on which there is no restriction.

These restrictions aimed at tightening checks for fake currency will not apply to deposits into the Pradhan Mantri Garib Kalyan Yojana.

Meanwhile, seeking to check the use of blackmoney and money laundering in politics, the Election Commission has recommended that the government amend laws to allow exemption from tax only to parties that win seats in elections and ban anonymous contributions of Rs 2,000 and above to parties.

Section 13A of the Income-tax Act, 1961 confers tax exemption to political parties for income from house property, income by way of voluntary contributions, income from capital gains and income from other sources.

Only income under the head 'salaries and income from business or profession' are chargeable to tax in the hands of political parties in India.

The Commission has now proposed that exemption of Income Tax should only be extended to political parties that contest elections and win seats in Lok Sabha or assembly polls.

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