Ban on Indian Currency of larger denomination – A Checkmate move

ban

On the eve of 08th November, 2016 when half of the nation was busy watching saas-bahu stereotypes, and the other half in witnessing the fate of United States of America, our Hon’ble Prime Minister along with Reserve Bank of India had all their moves ready to make a landmark and everlasting impact in the history of India. When his sudden address to nation was announced at 7.45 P.M., everyone thought it to be yet another statement against Terrorism or Pakistan, but no one had ever imagined, that history would be made.

Just one statement “500 & 1000 rupee note will not be a legal tender from midnight of 08th November, 2016” and it was a checkmate situation for corruption, black marketer and terrorism. It was one of the biggest, stringent, planned and secretive move ever taken in the history of Republic of India by any ruling party. With the banks closed for public on 09th November, 2016 and ATM closed for 09th & 10th, India hopefully is all set to awaken to a new era free of deep rooted black marketing and corruption.

The major highlights of Hon’ble Prime Minister’s Speech are

  • From midnight of 08th November, notes of Rs 500 and Rs 1000 will cease to be legal tender.
  • Reserve Bank of India would soon release and circulate new notes of Rs 500 and Rs 2,000.
  • All banks to remain closed on November 9 for public work.
  • ATMs will not function on November 9, and on November 10 in some places.
  • For 72 hours, until the midnight of November 11, government hospitals, government-authorised consumer stores like milk booths and ticketing counters, will continue to accept the old Rs 1000 and 500 notes.
  • Citizens will have 50 days, from November 10 to December 30, to deposit/exchange old Rs 1000 and 500 at post offices and banks.
  • Those unable to submit all their old currency notes within the deadline, will be able to do so at the Reserve Bank of India up till March 31, 2017 by providing a declaration.
  • No limit on Deposit of amounts in bank accounts.
  • Withdrawals from bank accounts limited to Rs 10,000 a day and Rs 20,000 a week
  • Exchange limit has been capped at Rs 4,000 till November 24 on production of a valid Government identity card, like PAN, Aadhaar and Election Card
  • Withdrawals from ATM capped at Rs. 2,000 per day till 19th November & to Rs. 4,000 after 19th November.

GST- Tax rates, a welcome step

gst

GST Council has taken a step ahead towards making GST a reality. They have lifted veil from the most awaited part of GST i.e. the tax rates. They have introduced the following rates:

  1. 0% – Food grains of high public consumption and which contributes to almost 50% of the inflation index;
  2. 5%-12%-18% – other Goods and services
  3. 28%- white goods like AC, washing machine and the likes
  4. 40%& 65%- aerated drinks , Pan Masala , Tobacco products , high cars and other luxury items

GST will promote compliance through e-compliance tools for managing the compliances and promote tax governance.

LexComply, Compliance Management Software

logo12LexComply, an all inclusive Compliance Management Software has been launched by RSJ LexSys. The full suite of LexComply consists of intuitive compliance solutions for midsize to small size businesses as well as individually practicing professionals.

Speaking on the occasion, the CEO of LexComply, Gaurav Jain said, “Generally compliance is one of the most overlooked functions in an organization because the complexity surrounding it weighs down even the most inspirational teams. But LexComply writes off all the complications of compliance and makes it one of the most rewarding functions for the organization.” LexComply generates compliances on the principle of relevance along with the basic principle of internal control. The multiple lines of defense that is the built-in hierarchical structure makes it sure that all the compliance tasks are defined, allocated, monitored and reported automatically to all.

He further added, “LexComply acts as a centralized communication system – automated alerts and emails are generated and forwarded to all the concerned in the team. The accomplished and pending tasks are tracked, monitored and notified to each and every stakeholder.”

Adding to this, Pooja Aggarwal, Co-founder, LexComply, said, “LexComply is a godsend tool for the teams that are small or deficient in compliance knowledge, since there is a comprehensive in-built library and repository of laws, rules and statutes and the required associated forms and documents.” In addition to this the team of LexComply updates the newly introduced regulations and changes in the existing laws as soon as they are announced. All the latest updates and applicable laws are available on the dashboard for the whole team to see and include in the compliance plan.

Pooja Aggarwal further added, “LexComply is one of the most intelligent compliance tools on the block. This cloud based tool is real simple to use and has responsive UI. It’s safe and secure since we work on the SSL and all your data is encrypted.” The complete suite of LexComply includes LexComply-Corp (for corporate), LexComply-Pro (for professionals), LexComply-CompAct 2013, LexComply-TRAI, LexComply-FIRE, LexComply-FSSAI, LexComply-FDI, LexComply-ECB. All its solutions are fully scalable and customizable.

Note : LexComply is a cloud based Compliance Management Software with a simple 6 step process to integrate in an organization. Conceived and developed in 2015, LexComply is an offshoot of a 2 years old professional firm. Located in Delhi with in-house team of 19+professionals, LexComply is ready with than 200 Compliance Calendars and has clients (MNC’s and MSMEs) in Delhi, Punjab, Haryana and UP.