Objectives of New Energy Policy

The National Energy Policy (NEP) aims to chart the way forward to meet the Government’s bold announcements in the energy domain. The four key objectives of the new energy policy are access at affordable prices, improved energy security and independence, greater sustainability and economic growth. The policy is being discussed by NITI Aayog with different stake holders.

The new policy differs from the previous policy while including the issue related to sharp decline of crude oil prices, change in solar energy technology, heightened concern of climate change issues, ambitious target of Renewable energy and rural electrification agenda adopted by the Government.

All the Census villages are planned to be electrified by 2019, and universal electrification is to be achieved, with 24x7 electricity by 2022. Our INDCs target at reduction of emissions intensity by 33%-35% by 2030, achieving a 175 GW renewable energy capacity by 2022, and share of non-fossil fuel based installed capacity in the electricity mix is aimed at above 40% by 2030.

Questions relating to action by Income Tax Department in respect of old currency deposited in banks


Q.1 A lot of small businessmen, housewives, artisans, workers may have some cash lying as their savings at home, will the income tax department ask questions if the same is deposited in banks?

A.1: Such group of people as mentioned in the question need not worry about such small amount of deposits up to Rs.1.5 or 2 lacs, since it would be below the taxable income. There will be no harassment by Income Tax Department for such small deposits made.

Q.2: Will the Income Tax Department be getting reports of cash deposits made during this period? If so, will the current threshold of reporting requirement of reporting cash deposits of more than Rs.10 lacs will only continue?

A.2: We would be getting reports of all cash deposited during the period of 10th November to 30th December,2016 above a threshold of Rs. 2.5 lacs in every account. The department would do matching of this with income returns filled by the depositors. And suitable action may follow.

Q.3: Suppose the department finds that huge amount of cash above Rs.10 lacs is deposited in a bank account, which is not matching with the income declared, what would be the tax and penalty to be paid on the same?

A.3: This would be treated as the case of tax evasion and the tax amount plus a penalty of 200% of the tax payable would be levied as per the section 270(A) of the income tax Act

Q.4: It is believed that a lot of people are buying jewelry now, how does department plan to tackle this?

A.4: The person who buys jewelry has to give his PAN number. We are issuing instructions to the field authorities to check with all the jewelers to ensure that this requirement is not compromised. Action will be taken against those jewelers who fail to take PAN numbers from such buyers. When the cash deposits of the jewelers would be scrutinized against the sales made, whether they have taken the PAN number of the buyer or not will also be checked.