Three More Months To Come Clean On Black Money, Government Warns

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NEW DELHI: The government today gave three more months to people to come clean on their untaxed wealth and get rid of the “black money” stain. Under the Pradhan Mantri Garib Kalyan Yojana, people can declare their illegal money and pay 50 per cent as tax till March 31, Revenue Secretary Hasmukh Adhia said today. He also warned that all bank deposits are under scrutiny, especially multiple deposits.

“All the money deposited in the bank is not white, until tax is paid as per law. So don’t think that just because your black money has been deposited, it is white. There will be an investigation,” said the top official.

The government has also urged people to email any information they have about black money. “We have set up a specific address for direct information on black money, which is blackmoneyinfo@incometax.gov.in,” Mr Adhia said.

December 30 is the last day to deposit 500 and 1,000 rupee notes banned by Prime Minister Narendra Modi on November 8, but Mr Adhia said people can declare black money under the new scheme.

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”.