Abetment in tax evasion: prosecution for allowing others to use your bank account to launder cash.
Deposits proved to belong to someone other than the account holder will be treated as tax-evasion proceeds subject to income tax, penalties and seizure, and the person who allows misuse of his or her bank account may be prosecuted for abetment under the Income Tax Act; genuine small household cash deposits will not be questioned and the public is urged to report suspected illegal deposit schemes so authorities can take immediate action.

PAN quoting requirement for specified banking transactions; temporary extension covers higher aggregated cash deposits during a limited period.
Mandatory quoting of Permanent Account Number (PAN) is required for specified banking transactions under Rule 114B, including cash deposits above the daily threshold, cash purchases of bank drafts/pay orders/banker's cheques above the daily threshold, time deposits with banks or Post Office, and opening certain bank accounts. A November 2016 amendment temporarily extended PAN requirement to aggregated cash deposits above a higher threshold during a specified period. Applicants must obtain PAN from NSDL in the prescribed format with documentary proof; application instructions are available on the Income tax Department website.

Advance payment of income tax advised to avoid end period banking congestion; use authorised bank branches and online facilities.
Advisory urging taxpayers to remit Income tax dues sufficiently in advance to avoid end of period congestion at central bank counters. Select accredited agency bank branches in Mumbai have been authorised to accept Income tax payments and many provide online payment facilities; taxpayers are advised to use these authorised branches or online channels to avoid last minute queues.

Tax evasion: sudden unexplained income increases may be matched to returns and attract tax plus penalty.
Declarations of large cash deposits after demonetisation will be reported for automated matching with income-tax returns; unexplained or disproportionate increases in declared income will be treated as tax evasion and subject to taxation at applicable rates together with statutory penalty provisions.

PAN submission requirement for large cash deposits under income-tax rules mandates banks to collect PAN and report transactions.
Banks must obtain a depositor's PAN copy where a cash deposit exceeds the prescribed threshold if the account is not PAN-seeded, and must enforce PAN reporting requirements for other specified transactions under the provisions of 114B of the Income Tax Rules, 1962; banks are directed to ensure strict compliance with these documentation and reporting obligations.

Infrastructure financing enables construction of longest Ganges river bridge, improving north-south Bihar connectivity and access.
ADB and the Government of India entered a loan agreement to finance the Bihar New Ganga Bridge Project, providing international project financing for construction of a 9.8 km road bridge across the Ganges near Patna to improve transport connectivity between North and South Bihar. The project comprises the main bridge, viaducts, embankments, toll and service facilities, and highway connections, and includes technical assistance and a state government co-financing contribution.

Current account cash withdrawal limit restricted to a weekly ceiling for accounts operational three months or more.
The amendment removes a prior temporal expiry and inserts a proviso restricting cash withdrawal from a current account in operation for three months or more to Rs. 50,000/- a week, and omits language that would have raised the per card daily ATM withdrawal limit.

Currency supply measures expand cash access via banking correspondents, post offices, ATMs and boosted e payment support.
Banks will increase cash holding limits for Banking Correspondents, allow multiple daily replenishments, and activate post office branches to expand rural cash disbursement points. A Task Force will oversee ATM recalibration to enable dispensing of new banknotes while micro ATMs provide interim mobile withdrawals. Withdrawal limit structures were adjusted-removal of a daily cap and an enhanced weekly cap-and qualifying business accounts were permitted higher weekly drawing limits to support payroll and payments. E payment use is to be maximised with interim fee waivers and branch arrangements for public convenience were prescribed.

ATM recalibration coordination: Task Force to oversee reactivation of ATMs and stakeholder coordination for new banknotes.
Constitution of a Task Force, chaired by the Deputy Governor, to coordinate multi agency recalibration and planned reactivation of ATMs and cash handling machines for dispensation of the Mahatma Gandhi (New) Series banknotes. Membership includes specified central government departments, four major banks, NPCI, senior RBI officers, a DPSS Member Secretary, and invited industry representatives. The Terms of Reference require expeditious reactivation of all ATMs and any other matters germane to enabling issuance and distribution of the new notes, with DPSS, Central Office providing secretarial support.

Currency distribution and withdrawal rules adjusted to ensure last-mile access and increased electronic payment promotion.
Review directed coordinated action to ensure supply of all denominations with emphasis on last-mile distribution via mobile banking vans and Banking Correspondents, special arrangements for hospitals and remote areas, separate queues for vulnerable persons, account opening support for financial inclusion, commencement of a new five-hundred note series, and administrative adjustments to cash dispensing, exchange and ATM withdrawal limits alongside promotion of mobile wallets and cards.

Cash deposit reporting and matching leads to tax assessment and heavy penalty for unexplained deposits; PAN collection enforced for high value purchases.
Deposits of old currency above the departmental reporting threshold will be reported and matched with taxpayers' income returns; routine small deposits below taxable income are not expected to trigger harassment. Unexplained large deposits inconsistent with declared income will be treated as tax evasion and assessed to tax with a substantial penalty. Jewelers and other dealers must collect buyer PANs for cash purchases and will be subject to scrutiny of their sales and deposits, with enforcement against those who fail to comply.

Exchange of information: Protocol expands transparency, permits bank data sharing and authorises cross agency use with competent authority approval.
The Protocol amends the India-Japan tax convention to adopt enhanced exchange of information standards, including bank information and information without domestic tax interest, permitting disclosure to other law enforcement agencies only with the supplying Competent Authority's authorisation; it also exempts interest on government insured debt claims from source taxation and creates mutual assistance in collection of taxes obligations between the Parties.

Direct tax collections show year-on-year growth with significant refunds issued, reducing net corporate tax gains for the fiscal period.
Net direct collections up to October 2016 stood at Rs. 3.77 lakh crore, achieving 44.5% of the Budget Estimates for FY 2016 17. Gross Corporate Income Tax and Personal Income Tax collections recorded year on year growth, but after adjusting for refunds the net growth in Corporate Income Tax is substantially lower. Refunds amounting to Rs. 93,836 crore were issued during April-October 2016, significantly higher than the corresponding period last year.

PAN requirement limits large cash deposits; information reporting and penalty provisions deter undisclosed deposits under income tax law.
The invalidation of specified high denomination notes permits limited exchange and unrestricted deposit into accounts, triggering income tax compliance: PAN is mandatory for substantial cash deposits; banks and post offices must report large aggregate cash deposits via annual information returns, enabling tax enquiries into source of funds; and statutory penalties apply for concealment, under reporting or misreporting of income.

Economic Editors' Conference to brief media on central government policy initiatives and departmental achievements impacting economic governance.
A two-day Economic Editors' Conference will brief national media on central government policy initiatives, achievements and future roadmaps; it enables direct interaction between senior economic editors, local correspondents and policy makers. Participating economic and infrastructure ministries will distribute background material summarising their initiatives and accomplishments, and the Directorate of Advertising and Audio-Visual Publicity will present an exhibition to support public communication.

Development loan financing strengthens Assam's power distribution, modernizes substations and upgrades billing and metering systems for efficiency.
The Government of India and the Asian Development Bank executed a loan agreement as the second tranche of a multi tranche facility to finance Assam's Power Sector Investment Program, focused on strengthening distribution infrastructure, modernizing substations, expanding medium voltage networks, reducing system losses by three percent, and establishing institutional measures including meter testing laboratories, load dispatch centers, and a centralized billing system covering 1.2 million customers, with implementation obligations allocated to national and state entities and the state distribution company.

Advance payment of income tax encouraged; use authorised bank branches or online channels to avoid end period congestion.
Assessees are urged to remit income tax dues sufficiently in advance and to use select branches of authorised agency banks or online payment facilities as alternative payment channels to avoid congestion at central remittance counters; a list of twenty nine authorised collecting banks is provided to decentralise intake and improve receipt issuance efficiency.

Special assistance for permanent restoration enables central funding and norm relaxation to rebuild public infrastructure and horticulture in J&K.
The Ministry of Finance released a first instalment of special assistance under the Prime Minister Reconstruction Plan for repair and permanent restoration of damaged public buildings and critical infrastructure in Jammu & Kashmir, with a designated corpus for permanent restoration. The government approved a one time relaxation of MIDH cost norms to support restoration and development of damaged horticulture areas and has previously released funds for damaged houses and interest subvention to restore livelihoods under the same Reconstruction Plan.

Appointment of CBDT Chairman: new leadership expected to prioritise taxpayer-friendly measures and e-governance in tax administration
Appointment of senior tax official to the apex administrative post: Shri Sushil Chandra, an IRS officer of the 1980 batch, assumed leadership of the central direct tax board, succeeding his predecessor upon superannuation. The announcement frames the leadership change as likely to energise ongoing modernization and service oriented reforms, highlighting an emphasis on taxpayer friendly measures and expanded e governance initiatives informed by his investigative and field leadership experience.

Trade Facilitation Agreement readiness drives national committee to coordinate implementation and streamline customs procedures and reduce trade costs
The executive prioritized readiness for the Trade Facilitation Agreement, directing the National Committee on Trade Facilitation (NCTF) to oversee implementation with a Steering Committee co-chaired by the Revenue and Commerce Secretaries meeting frequently to set concrete goals. Key operational aims are simplification of procedures, reduction of time and trade costs, infrastructure augmentation, and increased use of technology. The NCTF will subsume other committees to provide a uniform national voice and improve inter-ministerial coordination. A baseline Gap Analysis by the Centre for WTO Studies will inform the implementation plan, and industry supported the public-private partnership approach.