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The Banking Laws (Amendment) Bill, 2024, was passed by voice vote in the Lok Sabha on December 3, 2024. FM unveiled the bill to make significant changes in banking.

Lok Sabha passes Banking Laws (Amendment) Bill 2024

RBI has announced that 98.08% of the Rs.2,000 banknotes in circulation have been returned. However, the currency notes that remain in circulation are still considered legal tender.

RBI says 98.08% of Rs.2000 notes returned; Banknotes worth Rs.6,839 crore still in Circulation

IT Department discovered 50 kg of gold valued at about Rs.37 crore and Rs.5 crore in cash, during multi-day raids on the premises of businessmen involved in Rajasthan transport company.

Tax Department seized 50 Kg Gold and Cash worth Rs.5 Crore in raids at Rajasthan Transport Company

The business community pushed for the state's GST registration threshold to be raised from Rs.20 to Rs.40 lakhs in line with many other states, to enable small firms to offer items at lower rates without GST.

Businesses want to Raise the GST Cap for Small Businesses

CBIC stated that the GST Council, which makes the final decisions about tax rate fixation, has not yet received the GoM's recommendations on rationalizing the GST rate.

CBIC issued Clarification on GST Rate Hike for Sin Goods; Recommendations yet to submit by GoM to GST Council

The Senior Chief Commissioner of Income Tax for Telangana and AP said, the IT department has collected Rs.66,267 crore in taxes in both states as of December 2nd.

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Lok Sabha passes Banking Laws (Amendment) Bill 2024

RBI says 98.08% of Rs.2000 notes returned; Banknotes worth Rs.6,839 crore still in Circulation

Tax Department seized 50 Kg Gold and Cash worth Rs.5 Crore in raids at Rajasthan Transport Company

Businesses want to Raise the GST Cap for Small Businesses

CBIC issued Clarification on GST Rate Hike for Sin Goods; Recommendations yet to submit by GoM to GST Council

South States Paid Income Tax of Rs.66,267 Crore in Eight Month