1. Demonetisation: To hide blackmoney people transfer cash to friends’ accounts, government warns of strict action under Income Tax act

Demonetisation: To hide blackmoney people transfer cash to friends’ accounts, government warns of strict action under Income Tax act

The government had announced that strict action will be taken, under Incom Tax act, against anoyone who helps someone laundering black money.

By: | New Delhi | Published: November 19, 2016 6:56 PM
Citing the rise tin the circulation of blackmoney in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy. (Reuters) Citing the rise tin the circulation of blackmoney in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy. (Reuters)

Amid chaotic situation post the implementation of the demonetisation policy by the Narendra Modi-led central governement, many had been figuring out ways to replace their old currency notes in order to save them from turning into useless pieces of papers. And as the rules implemented by the government gets more strict, a few had been making attempts to save their cash by transferring them into their friends account to avoid probe of black money. However, the government had announced that strict action will be taken, under Incom Tax act, against anoyone who helps someone laundering black money.

The government had alerted Jan Dhan account holders, housewives and artisans of actions under the I-T Act, following the misuse of accounts by many, to convert their black money into usable cash.

Citing the rise tin the circulation of blackmoney in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy following which there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000, replacing them with new notes. Public distress continues following the note-ban, with many standing in long queues outside banks and ATMs to replace old notes and get new ones for their daily need. And as the implementation reaches its eleventh day, there had still been never-ending lines, with people waiting for hours, even as the ATMs run out of cash.

Opposition parties had locked horns with the central government, blaming them for harassing common people, and a few calling the anti-graft policy by the Prime Minister as a scam. The oppositions had cornered the rulling party in the parliament, and amid continuing protest and heated arguments, there had been repeated adjournments in the Rajya Sabha and the Lok Sabha. Yesterday, the Lok Sabha had been adjourned till Monday, following unruly protests by the opposition parties.

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