https://www.taxtmi.com/article/detailed?id=7075 The withdrawal of specified high-denomination notes removes their status as legal tender to target counterfeit currency, terrorist financing, corruption and unaccounted cash. Short-term liquidity constraints may hit cash-dependent sectors while banking deposits and electronic payments should rise; combined with GST, the move is expected to reduce unaccounted transactions. A critical operational issue is whether cash held at the closure time must be deposited in a single installment by the deadline or may be deposited in multiple instalments; the author prefers allowing multiple deposits but notes depositors may need to explain sources and face potential criminal-law exposure if later deposits are treated as post-closure accumulation. en-us Fri, 11 Nov 2016 11:12:23 +0530 Fri, 11 Nov 2016 11:12:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7075 The withdrawal of specified high-denomination notes removes their status as legal tender to target counterfeit currency, terrorist financing, corruption and unaccounted cash. Short-term liquidity constraints may hit cash-dependent sectors while banking deposits and electronic payments should rise; combined with GST, the move is expected to reduce unaccounted transactions. A critical operational issue is whether cash held at the closure time must be deposited in a single installment by the deadline or may be deposited in multiple instalments; the author prefers allowing multiple deposits but notes depositors may need to explain sources and face potential criminal-law exposure if later deposits are treated as post-closure accumulation. Articles Service Tax Fri, 11 Nov 2016 11:12:23 +0530 https://www.taxtmi.com/article/detailed?id=7075