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Tuesday , 22 August 2017
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BJP MPs and MLAs asked to deposit bank details by Dec. 31

PM in  HyderabadThe Indian Prime Minister Narendra Modi has directed all  BJP MLAs and MPs to submit details of their bank transactions between November 8 and December 31 to party chief Amit Shah.

The move comes up PM Modi’s instructions come as the government has proposed new tax rules for those who surrender black or untaxed money by the end of the year. 50% of the amount that is disclosed will be penalized and taxed, 25% will be placed in a for four years with no interest paid to the owner in a special fund for welfare and development schemes, and the remaining 25% will be made available to the owner for immediate use.

Modi’s directives come as the government proposes new tax rules for those who surrender black or untaxed money by the end of the year. 50% of the amount that is disclosed will be penalized and taxed, 25% will be placed in a for four years with no interest paid to the owner in a special fund for welfare and development schemes, and the remaining 25% will be made available to the owner for immediate use.

Rs500 and Rs1000 notes were declared to be no longer as legal tender on November 8 and last date for swapping the old notes with new ones is December 31.

Since the declaration of scrapping of notes opposition parties have disrupted the functioning of Parliament on demonetisation issue. The opposition has been regularly alleging that the demonetisation move was “leaked” in advance to favour BJP MPs and MLAs and business friends. The BJP has been denying all allegations.

The BJP also came under firing range of its opposition after reports surfaced about deposition of crores of rupees in various banks of West Bengal prior to scrapping of notes announcement and buying of several acres of lands in Bihar by BJP partyworkers.

The move is believed to be a step to counter the allegations being made by the opposition parties.

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