modi-gives-shock-to-unexplained-bank-deposits-in-his-styleThe Central government is going propose a new scheme that they have come up with, for the unexplained old denomination bank deposits that are done until December 30 in the Parliament.

Coming to the details of the amendment, 90 percent tax penalty would be forced to the guilty who have not shown their untaxed money by their own if caught by IT. And if declared, all the declarations of an amount exceeding a certain limit decided by the government would draw 50 percent taxes and further, 20 percent of deposits wouldn’t be allowed for withdrawal for four years.

For the last two weeks, almost 21,000 crores were deposited in Jan dhan accounts which could be maintained with zero balance. This led to a suspicion that black money holders could distribute their untaxed amounts and make their benamis to deposit the same in respective accounts. Hence to avoid the black money to pile up again, the government has come up with this scheme to force all to explain their deposits.