10:07 pm - Friday November 6, 2015

10 Rs plastic note to be tried out in 5 cities

127 Viewed Alka Anand Singh Comments Off on 10 Rs plastic note to be tried out in 5 cities

New Delhi -lastic notes in the denomination of ₹10 will be introduced on a pilot basis, Minister of State for Finance Namo Narayan Meena told to the Lok Sabha on Friday.

In a written reply to a question, Meena said about 1billion ₹10 plastic notes will be introduced on a trial basis in five cities — Kochi, Mysore, Jaipur, Shimla and Bhubaneswar. The field trial is expected to be launched in the second half of 2014.

On a question on corporate tax dues, Minister of State for Finance JD Seelam informed the Lok Sabha that the Income Tax Department has devised six points strategy to recover corporate tax dues.

As on December 31, 2013, total corporate tax demand outstanding has reached ₹2.46 lakh crore. There are 45 corporate cases where direct tax demand above ₹500 crore is outstanding.

However, “No separate data of outstanding demand from big corporate as a separate category or class is mentioned.”

He also disclosed that the strategy to recover outstanding tax dues will include strict monitoring and review of actions for recovery of tax demand by jurisdictional income tax authorities, use of information from Individual Transaction Statement as an effective tool of recovery in cases where taxpayers is untraceable or no asset is available for recovery, besides others.

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