“No one should think that just because they have deposited the money in banks, it becomes white,” Mr Adhia said.
While December 30 is the last day to deposit 500 and 1,000 rupee notes banned by Prime Minister Narendra Modi on November 8, people can come clean about black money under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
The scheme offers 50 per cent tax and penalty on the declaration of unaccounted deposits in banks. Those who declare their wealth under this scheme will also have to park a quarter of the sum in a non-interest deposit for four years.
“Unaccounted cash can be disclosed under the scheme starting tomorrow till 31st March,” Mr Adhia said, adding that the scheme is not amnesty but the last window to “move out of the black money system”.
Since the notes ban, around 316 crores has been seized in multiple raids by taxmen and around 80 crores was in brand new currency, said the official.
Those with illegal wealth have a common modus operandi, he said, which includes deposits in multiple accounts, misusing Jan Dhan zero-deposit accounts for the poor and setting up fake companies.
“Everyone should remember that black deposits are being watched,” Mr Adhia said, commenting that the idea is not to create an Inspector Raj but people “should realize that the department has information on people’s deposits.
Those who tried to deposit large amounts in multiple deposits are under scrutiny, he said, assuring “non-intrusive methods”.
Source – NDTV
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