PM Modi's surgical strike on black money welcomed: See what the major companies are saying
But in case of non compliance, the penalty would be raised to 60 per cent, in addition to the tax required to be paid. [Representational Image]Reuters file photo

Here are a few stories from the International Business Times, India to start your day:

1. Demonetisation: 50% tax penalty for disclosing unaccounted deposit, 4-year lock-in

The government has devised a way for the tax cheats to disclose their unaccounted money and still get to keep a portion on it. The Union cabinet on Friday night approved an amendment to the Income Tax Act which would levy a 50 percent tax on disclosing unexplained bank deposits using the scrapped currency notes of Rs 500 and Rs 1000. Read more here.

2. India, world's fastest-growing economy, sees drop in forex reserves amid demonetisation

Foreign currency assets, which form the largest component of India's foreign exchange reserves, fell $1.49 billion to $341.27 billion, according to the weekly data released by the Reserve Bank of India (RBI) on Friday. Read more here.

3. Pakistan reveals plans on taking BCCI to court

The Shaharyar Khan-led Pakistan Cricket Board (PCB) could be taking the Board of Control for Cricket in India (BCCI) to court after the International Cricket Council (ICC) deducted points from the India women's cricket team for failing to turn up in a Pakistan-hosted cricket series in Dubai between August and October this year. Read more here.

4. Charleston Church shooter, Dylann Roof, fit to stand trial for murders, says judge

Dylann Roof is competent to stand trial in the murders of nine worshippers at a Charleston church last summer, US District Judge Richard Gergel ruled Friday. The ruling came after two days of closed-door hearings this week at which Roof was present. Read more here.

5. Turkey warns Europe it will flood it with refugees if criticism of Erdogan continues

Turkey's president Recep Tayyip Erdogan warned Brussels on Friday he would allow 3m refugees to cross over to Europe unless the EU softened its criticism of Ankara. The Turkish leader lashed out a day after the European Parliament called for a pause in Turkey's EU accession talks in protest at Ankara's "repressive" and "disproportionate" response to a violent coup attempt earlier this year, the Financial Times reported. Read more here.

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