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Rs.1000 Rs converted into coin.

Created by : Rajesh Tekale, Counsel, Advocate on Record , High Court, Mumbai  | 08 12 2011 11:16:14 +0000
Keywords : rs.1000 rs converted into coin.
Activity:  303 views;  last activity : 08 12 2011 11:48:27 +0000
 
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Will become easy for paying tips and corruption Vs Will help carrying more money in pocket
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To overcome the splitting of payments to the same person made during a day, Finance Bill 2008 has amended Section 40(A)(3). Tax law has stringent provisions to tackle black money. As cash transactions are the mostly commonly used device for tax evasion, the income-tax law forbids such transactions in business above a prescribed limit. Chapter XXB of the Income-Tax Act 1961 bars cash transactions in excess of Rs. 20,000 whether by way of loan, deposit or repayment.
By Rajesh Tekale, Counsel, Advocate on Record , High Court, Mumbai  | 08 12 2011 11:48:26 +0000
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payment and receipt by way of coins was being limited to Rs 1,000 by an individual, as suggested by the Reserve Bank of India, for sake of convenience. Government says it is solution to Pakistans fake notes.
By Rajesh Tekale, Counsel, Advocate on Record , High Court, Mumbai  | 08 12 2011 11:31:16 +0000
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Every body will say at least pay me Rs.1000 coin.
By Rajesh Tekale, Counsel, Advocate on Record , High Court, Mumbai  | 08 12 2011 11:16:14 +0000
Argue for "Will become easy for paying tips and corruption"
Argue for "Will help carrying more money in pocket"
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