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March 2, 2024 11:55 am

MP Arora reacts over TCS and Rs.2000 note withdrawal from system

The Fact News Service
Ludhiana, May 20

Reacting over two decisions of Central Government and RBI Sanjeev Arora MP (Rajya Sabha) has expressed his concerns.

In a statement here today, while reacting on Tax Collection at Source (TCS) Arora said the rate of 20 percent is too high. He said TCS of 20 percent on amount spent is like around 70 per cent of income. If employees or professionals spend money on their personal cards which is reimbursed by employers and clients, will have issue how to get TCS adjusted. Personal Credit Cards are made with personal PAN cards.

“I feel this step is against encouraging digital transactions which the Government usually encourages”, he said, adding, “This step encourages visitors abroad to take money in cash as allowed by RBI.”

While suggesting, he said, “I suggest the Finance Ministry rethink this and as suggested should decrease TCS to 5 percent and issue some notification on how reimbursements can be taken adjusting TCS.”

Further, commenting on Rs 2000 denomination banknotes, he said withdrawal of these banknotes is disruption in economy. “It doesn’t give a positive outlook of the economy for investors and in the eyes of other countries by withdrawal of currency notes at regular intervals”, he pointed out. He said faith in Indian currency will get shattered. He added also the rational of exchange of 10 notes is not clear. Also, housewives’ lot of times have savings which may be in this denomination. Some minimum thresh hold should be announced for such citizens to deposit in their account which will not be questioned later.

Recalling the previous demonetization period, Arora said also later there is a lot of harassment from Income Tax authorities even if deposit is legitimate. He added that people are still going through trauma of last demonetization and now this partial demonetization has come up. He requested FM to rethink the issues raised by him.

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