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Monday , 17 June 2019
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IT department is supposed to send notice against undisclosed funds deposit made after demonetisation.

On expected estimated deposit of Rs 4 lakh crore made into bank accounts after demonetisation, Income Tax department is about to start the notice sending activity to those who have given the source of the money they deposited in to banks.

As per the present data available with Income Tax Department, data states that till 17th December, 2016 cash deposits in tune of approximately Rs. 4 lakh crore, the deposits were made to 1.14 lakh bank accounts. As per the IT officials, the major deposit was made by those who avoided taxes and deposit the black money. As per the department, no one pile up extreme cash at home, in any case.

After demonetisation, the department has already sent almost 5000 notice to them who have made deposit of large amount in the bank accounts. A senior officer also stated that the large deposit were made thinking that government will not take any step towards these huge deposit, but the department was on job of analyzing every deposit in view of taking a corrective action against those deposits.

 Further to this, Income Tax Department delivered notice to car dealers across the country asking for a list of customers who bought cars after the demonetisation of old currency notes.

 This step is predictable to have a maximum impact on luxury car dealers and buyers of these cars, as buying luxury car are mostly involves black money. Although Government has not stated the consequences for delinquents but it has to be watched out.

 There was no leakage of information at all and complete secrecy was maintained.

Countries where demonetization has taken place in recent past.

  • North Korea (2010)
  • Pakistan (2015)

Let’s have the major changes which are expected by demonetisation, it is said that large amount of black money will be eliminated from the system. This will help in getting government operates well.  Further when government gets money and is able to use the money in improvement common man and common man will have its advantage. It will also ban the scope of black money in the future. The forged money will be abridged. This move will also inspire a cashless and which makes system to a perfect zone and GDP growth will go up, including all the factors we discussed.

All people have taken enough troubles to support PM’s initiative, in thought of getting better country and better lives. Today PM will address nation at 7.p.m, it is expected that many things will be unfolded

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