• 30 May 2023 05:26 PM
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Decoding the tax impact of ₹2,000 note cash deposits

news details
The Reserve Bank of India (RBI) made two big announcements on 19 May. It announced a threshold exemption limit of ₹7 lakh for applicability of TCS @ 20% in respect of international credit card spends. Secondly, it announced withdrawal of ₹2,000 notes from circulation. RBI has advised the public to deposit their ₹2,000 notes into their bank accounts and/or exchange them into bank notes of other smaller denominations at any bank branch until 30 September. The exchange limit has been restricted to ₹20,000 at a time.