No new cess if people promise to hand over their entire income to us every month: Government of India

New Delhi: Government of India has finally addressed citizens’ concern over the introduction of one cess after another. In a press release, the government has promised that no new cess will be introduced if every citizen promises to hand over his entire income to the government on the 1st of every month. People of India have time till 30th of September to make this decision and they can SMS “Y” to a mobile number provided by the government to confirm that they promise to do this income transfer. In case majority of the people don’t promise to do this, there will be a new cess every day from 1st October onward.

“Make sure no money is left with any citizen”

Speaking on this news, a Finance Ministry official said ,”Look, our aim has been to simplify the taxation process as much as possible and this is the simplest way. No taxes, no cess, just hand over your entire income to us. You can do online transfer of funds to an account number that we will provide and don’t worry, unlike all the government websites, bank’s website will not crash and you will be able to give us your money easily.”

“Once you give us all your money, you will get a ticket number in return. Using that ticket number and your Aadhar card, you will be able to get flour, rice, vegetables and spices from government appointed grocery stores near your homes. All this is being done to simplify the life of an average Indian and set India on the path of triple digit growth”, the official added.

After this announcement of the government, jobless youth of the country are finally smiling since they are the only ones who don’t have to give anything to the government

Rs 200 Notes Are Here But Don't Go To ATMs For Them

New Delhi: Crisp, yellow Rs 200 notes debuted today but they will not be available at ATMs just yet. The machines have not been reconfigured to handle the new currency, say officials.
The notes were available today only at select branches of the Reserve Bank of India (RBI) - in cities like Delhi, Mumbai and kolkata - and some other banks.
Officials say it may take a few more days, or at least a week, for ATMs to spit out Rs 200 notes, which are marginally smaller than Rs 500 notes.
The size of cash-holding cassettes inside the machines have to be calibrated by engineers to accommodate the new notes. The process can even take a month.
At the central bank's branch in Parliament Street in the heart of Delhi, a long queue was reminiscent of the desperate rush for cash after overnight demonetization in November. Even then, the recalibration of ATMs for new currency took some time, adding to people's stress.
"I am excited about the note...I want it," shrugged a young man, waiting for nearly an hour and ready to persevere.
A woman who said she had been standing in queue since 9 am, even before the bank opened, commented: "I am very curious...how does a Rs 200 note look?"
The Rs 200 denomination has been introduced for the first time in India.
It is the fourth new note to be announced since Prime Minister Narendra Modi announced an overnight ban on Rs. 1,000 and Rs. 500 notes to choke tax evaders. New Rs 2000 and Rs 500 notes were introduced days later. Recently, a fluorescent blue Rs 50 note entered the market. The government says Rs 200 notes will inject more low denomination currency in the system.
In keeping with a new policy on theme-based currency, the 200-rupee notes have a motif of the Sanchi Stupa monument, depicting India's cultural heritage, besides the Ashoka Pillar emblem.
There is a security thread with inscriptions 'Bharat' and RBI. The colour of the thread changes from green to blue when the note is tilted.
For the visually-impaired, the Mahatma Gandhi portrait and Ashoka Pillar emblem are raised, besides other special features. The new notes also have a logo of Swachh Bharat or Prime Minister Narendra Modi's "Clean India" campaign. The design was reportedly approved by the PM's office

RBI to issue Rs 200 notes in first week of September

Mumbai: The Reserve Bank of India will issue Rs 200 denomination currency notes most probably in last week of August or first week of September, a report in The Economic Times says citing sources. The central bank this time will make it sure that black marketing of Rs 200 notes does not take place. RBI has indicated, to start with, the total value of new Rs 200 notes would be around Rs 50 crore.

"There is no other denomination available between Rs 100 and Rs 500 and RBI is expecting Rs 200 notes to become very popular and that's why it is taking every step to ensure availability of it," ET quoted a source as saying.

In case of Rs 2,000 notes that were issued in the aftermath of demonetisation effected on November 8 last year, the RBI had received complaints of hoarding and widespread illegal trade of Rs 200 currency notes from various quarters. The recent revelation from the RBI comes close on the heels of the central bank making it public that it will soon issue new Rs 50 denomination notes.

The 'abrupt' recall of Old High Denomination (OHD) currency notes sucked out over Rs 16 lakh crore worth of currency notes in circulation, thus triggering a panic scenario among the populace. A day after, it caused a huge rush to the banks and cash machine booths, a 'grim' situation that lasted for over two-and-a-half months.

The fresh supply of new Rs 200 currency notes worth Rs 50 crore will give a further push to the government's efforts toward remonetisation that aims to ensure ample amount of cash in the banking system. It will also increase the share of smaller denomination currency notes in circulation, as after the Specified Bank Notes were banned, the government had introduced only higher denomination notes of Rs 2,000 and Rs 500 value.