Black money of 14 lakh crore

November 13 2016

The government is well apprised that there is an estimated amount of 14 lakh crore black money in the country. Apparently, there is trifle fervor in the country since the demonetization of Rs500 and Rs1000 notes. Notably, the Income Tax Department will not initiate any enquiry if the amount deposited in the personal account is below Rs 2.5 lakhs. The assurance was a sigh of relief for most of the people. As per source, government has its own estimate that with this initiative approx Rs 9 lakh crore black money will smoothly return to the bank. Subsequently, with voluntary disclosure scheme the huge cash deposit can be announced. There is a provision of 200 per cent penality in case of having money more than the income. In this case, around 85 lakh from the amount of 1 crore of a person will flow to government. Besides the new provision of income tax department there is an imprisonment of 7 years. The opposition parties are afraid that with this rule Modi government might settle its political score by sending anyone to jail or protecting them from going to jail as per their whims and fancies.

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