A day after junking&nbsp;notes of Rs 500 and Rs 1,000 denomination overnight, the Indian&nbsp;government warned on Wednesday that cash deposits above Rs 2.5 lakh (roughly $3,750) under the 50-day window could be deemed as a case of tax evasion.

The government said cash deposits above the aforementioned amount would attract tax plus a hefty 200 per cent&nbsp;penalty in case of income mismatch.

&quot;We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account,&quot;&nbsp;Revenue Secretary Hashmukh Adhia said Wednesday night.

&quot;The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow. This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent&nbsp;of the tax payable (under India&#39;s Income Tax laws),&quot; he said.

The government has allowed citizens to deposit the old notes of Rs 500 and Rs 1,000 denominations in the bank&nbsp;between November 10 and December 30.

The overnight scrapping of notes came about to crack down on black money, corruption and counterfeit notes.&nbsp;

However, Adhia said small businessmen, housewives, artisans and workers would be exempted from any &quot;harassment&quot; by the Income Tax department.

&quot;Such group of people... need not worry about such small amount of deposits up to Rs 1.5 or 2 lakh since it would be below the taxable income. There will be no harassment by the Income Tax Department for such small deposits made,&quot; he said.

On people resorting to buying of jewellery to avoid getting caught by the taxman, he said those buying jewellery has to provide their PAN number.

Permananet Account Number (PAN) is a code for Indian nationals who pay Income Tax.

The PAN number would help tax authorities scrutinise every purchase of gold in the country.&nbsp;

&quot;We are issuing instructions to the field authorities to check with all the jewellers to ensure this requirement is not compromised. Action will be taken against those jewellers who fail to take PAN numbers from such buyers. When the cash deposits of the jewellers would be scrutinised against the sales made, whether they have taken the PAN number of the buyer or not will also be checked,&quot; he added.

(WION with inputs from PTI)

The government said cash deposits above Rs 2.5 lakh (roughly $3,750) would attract a hefty 200 per cent?penalty in case of income mismatch

A day after junking notes of Rs 500 and Rs 1,000 denomination overnight, the Indian government warned on Wednesday that cash deposits above Rs 2.5 lakh (roughly $3,750) under the 50-day window could be deemed as a case of tax evasion. The government said cash deposits above the aforementioned amount would attract tax plus a hefty 200 per cent penalty in case of income mismatch. "We would be getting reports of all cash deposited during the period of November 10 to December 30, 2016, above a threshold of Rs 2.5 lakh in every account," Revenue Secretary Hashmukh Adhia said Wednesday night. "The (tax) department would do matching of this with income returns filed by the depositors. And suitable action may follow. This would be treated as a case of tax evasion and the tax amount plus a penalty of 200 per cent of the tax payable (under India's Income Tax laws)," he said. The government has allowed citizens to deposit the old notes of Rs 500 and Rs 1,000 denominations in the bank between November 10 and December 30. The overnight scrapping of notes came about to crack down on black money, corruption and counterfeit notes. However, Adhia said small businessmen, housewives, artisans and workers would be exempted from any "harassment" by the Income Tax department. "Such group of people... need not worry about such small amount of deposits up to Rs 1.5 or 2 lakh since it would be below the taxable income. There will be no harassment by the Income Tax Department for such small deposits made," he said. On people resorting to buying of jewellery to avoid getting caught by the taxman, he said those buying jewellery has to provide their PAN number. Permananet Account Number (PAN) is a code for Indian nationals who pay Income Tax. The PAN number would help tax authorities scrutinise every purchase of gold in the country. "We are issuing instructions to the field authorities to check with all the jewellers to ensure this requirement is not compromised. Action will be taken against those jewellers who fail to take PAN numbers from such buyers. When the cash deposits of the jewellers would be scrutinised against the sales made, whether they have taken the PAN number of the buyer or not will also be checked," he added. (WION with inputs from PTI)

Large cash deposit could be treated as case of tax evasion: Indian government

In a significant measure to counter black money and fake currency notes in the Indian economy, the government on Tuesday announced the&nbsp;scrapping of 500 and 1000 denomination currency notes.&nbsp;

Prime Minister Narendra Modi, in an address to the nation, said the decision to de-recognise the notes will come into effect from midnight November 8.&nbsp;

&quot;The currency notes of Rs 1000 and Rs 500 will be just paper with no value,&quot; said Modi.&nbsp;

He advised the people to declare any currency or cash, which would not remain legal once the order comes into effect, with the banks from November 10 till December 30, 2016.&nbsp;

For those unable to deposit their notes of Rs 1000 and Rs 500 by December 30 for some reason, they can change the notes till March 31, 2017 by furnishing ID proof.

Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000.

The Prime Minister said the government had succeeded in unearthing black money to the tune of $19 billion during the last two and a half years. But emphasised that the problem of corruption is deep-rooted in the country.&nbsp;

He urged all sections of the society and the media to help make the new measures successful. He also said that the government will soon introduce&nbsp;new currency notes of Rs 2000 and Rs 500 denominations.&nbsp;

Indian broadcasting agency Prasar Bharati tweeted the images of the new currency notes that are likely to be issued soon.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
In Pics: New Rs 500 note that will be issued. 
(Pic : ANI) <a href="https://t.co/AGfAiIU4bm">pic.twitter.com/AGfAiIU4bm</a>
&mdash; Prasar Bharati (@prasarbharati) <a href="https://twitter.com/prasarbharati/status/796010947861037060">November 8, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
In Pics: New Rs 2000 note that will be issued. 
(Pic : ANI) <a href="https://t.co/WXwQRtRKl3">pic.twitter.com/WXwQRtRKl3</a>
&mdash; Prasar Bharati (@prasarbharati) <a href="https://twitter.com/prasarbharati/status/796010133675380736">November 8, 2016</a></blockquote>
<script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

&nbsp;

The Prime Minister told that the central bank, the Reserve Bank of India has decided to shut all banks for public transactions tomorrow.&nbsp;Some ATMs will also not function tomorrow and day after as RBI stocks banks and ATM machines with lower denomination notes.&nbsp;

ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week.

&quot;Banks will be closed tomorrow. It will cause some hardship to you....Let us ignore these hardships... In country&#39;s history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life,&quot; Modi said.&nbsp;

Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12.

(WION)&nbsp; 
&nbsp;

It is the latest step by the Narendra Modi-led government to tackle the deep-rooted problem of corruption and black money

In a significant measure to counter black money and fake currency notes in the Indian economy, the government on Tuesday announced the scrapping of 500 and 1000 denomination currency notes. Prime Minister Narendra Modi, in an address to the nation, said the decision to de-recognise the notes will come into effect from midnight November 8. "The currency notes of Rs 1000 and Rs 500 will be just paper with no value," said Modi. He advised the people to declare any currency or cash, which would not remain legal once the order comes into effect, with the banks from November 10 till December 30, 2016. For those unable to deposit their notes of Rs 1000 and Rs 500 by December 30 for some reason, they can change the notes till March 31, 2017 by furnishing ID proof. Besides depositing money in bank accounts, the Rs 500 and Rs 1000 notes can also be exchanged with lower denomination currency notes at designated banks and post offices on production of valid government identity cards like PAN, Aadhaar and Election Card from November 10 to November 24 with a daily limit of Rs 4000. The Prime Minister said the government had succeeded in unearthing black money to the tune of $19 billion during the last two and a half years. But emphasised that the problem of corruption is deep-rooted in the country. He urged all sections of the society and the media to help make the new measures successful. He also said that the government will soon introduce new currency notes of Rs 2000 and Rs 500 denominations. Indian broadcasting agency Prasar Bharati tweeted the images of the new currency notes that are likely to be issued soon. In Pics: New Rs 500 note that will be issued. (Pic : ANI) pic.twitter.com/AGfAiIU4bm — Prasar Bharati (@prasarbharati) November 8, 2016 × In Pics: New Rs 2000 note that will be issued. (Pic : ANI) pic.twitter.com/WXwQRtRKl3 — Prasar Bharati (@prasarbharati) November 8, 2016 × The Prime Minister told that the central bank, the Reserve Bank of India has decided to shut all banks for public transactions tomorrow. Some ATMs will also not function tomorrow and day after as RBI stocks banks and ATM machines with lower denomination notes. ATM withdrawals will be restricted to Rs 2000 per day and withdrawals from bank accounts will be limited to Rs 10,000 a day and Rs 20,000 a week. "Banks will be closed tomorrow. It will cause some hardship to you....Let us ignore these hardships... In country's history, there comes a moment when people will want to participate in the nation building and reconstruction. Very few such moments come in life," Modi said. Rs 500 and Rs 1000 notes will be valid for transactions related to booking of air tickets, railway bookings, government bus ticket counters and hospitals till the midnight of November 11 and 12. (WION)

Indian government recalls Rs 500 and Rs 1000 denomination currency notes

Referring to the recently conducted &quot;surgical strikes&quot; against militants, Indian Prime Minister Narendra Modi on Saturday suggested using a similar strategy to tackle the problem of black money, plaguing the Indian economy.&nbsp;

Praising the government&#39;s efforts to fight corruption and reduce tax evasion, Modi said they brought back 9.7 billion Dollars (65,000 crore Rupees) in black money into mainstream with payment of taxes and penalties.&nbsp;

Using the analogy of &quot;surgical strikes&quot;, the Prime Minister said applying such a method in the area could unearth &quot;unimaginable gains&quot;.&nbsp;

Modi said he had put up a sustained fight against black money since he took charge. But he hinted at tougher action against those who failed to declare their unaccounted money by the September 30 deadline under the Income Declaration Scheme (IDS).&nbsp;

Speaking at an event in the western state of Gujarat, he said their efforts to eliminate middlemen and directly transfer funds to beneficiaries under the Jan Dhan Yojana had saved 5.3 billion Dollars (36,000 crore Rupees).&nbsp;

&quot;Against corruption, without much publicity I have put up a sustained fight. Government&#39;s assistance (now) goes directly in the bank accounts of beneficiaries, cutting out middlemen. Just by ensuring that right person gets the benefit and wrong person cannot take it, we have saved 5.3 billion Dollars (36,000 crore Rupees), which used to leak in the form of (subsidies for) gas cylinders, scholarship, pension,&quot; Modi said. &quot;So, we have been able to collect roughly 15 billion Dollars (1,00,000 crore Rupees),&quot; Modi added.

Distributing &quot;assistive devices&quot; to over 8,000 &quot;Divyangs&quot; (disabled persons), Modi also criticised past governments for being insensitive to their plight, saying they had not done enough for the disabled.&nbsp;

&quot;Knowingly or unknowingly, this country has remained insensitive towards the Divyangs. The government buildings had facilities for healthy persons only. We launched Sugamya Bharat mission, so that government buildings, hospitals, platforms are built in such a way that they have access facility for the Divyangs,&quot; the Prime Minister said.&nbsp;

(WION with inputs from agencies) 
&nbsp;

Using the analogy of 'surgical strikes' the Prime Minister hinted at a tougher, targeted approach to deal with tax defaulters

Referring to the recently conducted "surgical strikes" against militants, Indian Prime Minister Narendra Modi on Saturday suggested using a similar strategy to tackle the problem of black money, plaguing the Indian economy. Praising the government's efforts to fight corruption and reduce tax evasion, Modi said they brought back 9.7 billion Dollars (65,000 crore Rupees) in black money into mainstream with payment of taxes and penalties. Using the analogy of "surgical strikes", the Prime Minister said applying such a method in the area could unearth "unimaginable gains". Modi said he had put up a sustained fight against black money since he took charge. But he hinted at tougher action against those who failed to declare their unaccounted money by the September 30 deadline under the Income Declaration Scheme (IDS). Speaking at an event in the western state of Gujarat, he said their efforts to eliminate middlemen and directly transfer funds to beneficiaries under the Jan Dhan Yojana had saved 5.3 billion Dollars (36,000 crore Rupees). "Against corruption, without much publicity I have put up a sustained fight. Government's assistance (now) goes directly in the bank accounts of beneficiaries, cutting out middlemen. Just by ensuring that right person gets the benefit and wrong person cannot take it, we have saved 5.3 billion Dollars (36,000 crore Rupees), which used to leak in the form of (subsidies for) gas cylinders, scholarship, pension," Modi said. "So, we have been able to collect roughly 15 billion Dollars (1,00,000 crore Rupees)," Modi added. Distributing "assistive devices" to over 8,000 "Divyangs" (disabled persons), Modi also criticised past governments for being insensitive to their plight, saying they had not done enough for the disabled. "Knowingly or unknowingly, this country has remained insensitive towards the Divyangs. The government buildings had facilities for healthy persons only. We launched Sugamya Bharat mission, so that government buildings, hospitals, platforms are built in such a way that they have access facility for the Divyangs," the Prime Minister said. (WION with inputs from agencies)

Indian PM: Almost $15 bn in black money recovered without 'surgical strikes'

Indians have disclosed at least Rs 65,250 crore (roughly $10 billion) of undiclosed assets in the last four months,&nbsp;India&#39;s finance minister Arun Jaitley said on Saturday.&nbsp;

Jaitley said 64,275 people disclosed their hidden assets during a&nbsp;four-month tax evasion amnesty period provided by the Indian government.

The collections declared might increase once the online and manual filings of undisclosed assets are compiled by September 30.

The Indian government will receive 45 per cent of the declared amount in taxes and penalties. The amount roughly comes to Rs 29,362 crore.

People who have declared their hidden assets will have time till September 30, 2017, to pay their taxes and penalties.

The Narendra Modi administration had provided a one-time chance for people to declare their hidden assets.

Under the Income Declaration Scheme (IDS), a tax compliance scheme that started on June 1, the Indian government had urged people to &quot;come clean&quot; in order to avoid &quot;scrutiny and enquiry&quot;.&nbsp;

The money collected by the government will be put in the Consolidated Fund of India, Jaitley said, adding that the tax kitty will be spent for public welfare.

The declarants&#39; identity will not be revealed, the finance minister said. &nbsp;

This year&#39;s black money haul has seen a quantum jump from the previous year. Last year, under a similar amnesty, the government had managed to collect only Rs 2,428 crore ($364 million).

(WION)&nbsp;

&nbsp;

The Indian government would get 45 per cent of the recovered amount as tax and penalty

Indians have disclosed at least Rs 65,250 crore (roughly $10 billion) of undiclosed assets in the last four months, India's finance minister Arun Jaitley said on Saturday. Jaitley said 64,275 people disclosed their hidden assets during a four-month tax evasion amnesty period provided by the Indian government. The collections declared might increase once the online and manual filings of undisclosed assets are compiled by September 30. The Indian government will receive 45 per cent of the declared amount in taxes and penalties. The amount roughly comes to Rs 29,362 crore. People who have declared their hidden assets will have time till September 30, 2017, to pay their taxes and penalties. The Narendra Modi administration had provided a one-time chance for people to declare their hidden assets. Under the Income Declaration Scheme (IDS), a tax compliance scheme that started on June 1, the Indian government had urged people to "come clean" in order to avoid "scrutiny and enquiry". The money collected by the government will be put in the Consolidated Fund of India, Jaitley said, adding that the tax kitty will be spent for public welfare. The declarants' identity will not be revealed, the finance minister said. This year's black money haul has seen a quantum jump from the previous year. Last year, under a similar amnesty, the government had managed to collect only Rs 2,428 crore ($364 million). (WION)

India collects around $10 billion of black money in 4-month amnesty window

Indian Prime Minister Narendra Modi has been asked&nbsp;to disclose information on what his administration has done to bring back black money&nbsp;to the country.&nbsp; 
 
The Central Information Commission (CIC), a government regulatory body, has directed the Prime Minister&#39;s Office to respond to a Right to Information query within the next 15 days.&nbsp; 
 
The Right to Information (RTI) Act is a legal instrument that empowers citizens to access information from a public authority. 
 
Modi had made the issue of black money the centrepiece of his 2014 general election campaign. He had vowed to bring back illegal money stashed in foreign banks.&nbsp; 
 
During the campaign trail, the prime minister had promised to distribute the retrieved black money among the poor. He had said&nbsp;he would deposit Rs 15 lakh in bank accounts&nbsp;of every poor person.&nbsp; 
 
Kanhaiya Lal, a resident of the north-west state of Rajasthan, had filed an RTI application to get a status update on Modi&#39;s black money promise. 
 
On February 8, he wanted to know when the government would put the promised Rs 15 lakh in his bank account. 
 
The government is, however, yet to officially reply to the query, and claims not to have received the RTI application. 
 
(WION) 
 
 
 
&nbsp;

PM Modi, during his 2014 election campaign, had vowed to distribute the retrieved black money among the poor

Indian Prime Minister Narendra Modi has been asked to disclose information on what his administration has done to bring back black money to the country. The Central Information Commission (CIC), a government regulatory body, has directed the Prime Minister's Office to respond to a Right to Information query within the next 15 days. The Right to Information (RTI) Act is a legal instrument that empowers citizens to access information from a public authority. Modi had made the issue of black money the centrepiece of his 2014 general election campaign. He had vowed to bring back illegal money stashed in foreign banks. During the campaign trail, the prime minister had promised to distribute the retrieved black money among the poor. He had said he would deposit Rs 15 lakh in bank accounts of every poor person. Kanhaiya Lal, a resident of the north-west state of Rajasthan, had filed an RTI application to get a status update on Modi's black money promise. On February 8, he wanted to know when the government would put the promised Rs 15 lakh in his bank account. The government is, however, yet to officially reply to the query, and claims not to have received the RTI application. (WION)

Information body tells Indian PM's office to disclose status on black money promise

black-money

Black Money, News on Black Money, stories on Black Money, articles on Black Money, Black Money stories at Wion, Black Money news, Black Money latest news