“It’s only people with large amounts of undisclosed monies who will have to face the consequences under the tax laws,” Finance Minister Arun Jaitley said at the Economic Editors’ conference on Thursday. Revenue Secretary Hasmukh Adhia said that only cash deposits of over Rs 2.5 lakh in bank accounts would be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200% penalty would be levied.
The government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1,000, which has been declared invalid in the country’s biggest crackdown on black money, corruption and counterfeit notes, between November 10 and December 30.
On Thursday, Economic Affairs Secretary Shaktikanta Das announced, “In a few months, Rs 1,000 notes with new features will be brought into the market.” The currency notes of lower denomination of Rs 100 and Rs 50 will continue to be the legal tender, he said, adding the Reserve Bank will come out with new series of such notes with new design and added security features.
The Reserve Bank, time and again, has been introducing new series of currency notes with new design and enhanced security features. Following the demonetisation of the currency notes of Rs 500 and Rs 1,000, banks on Thursday started distributing new notes of Rs 500 and Rs 2,000.
(Sourced from agencies, feature image courtesy:oneindia.com)
