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Government asks Banks and Post offices deposit data in FY up to November 9

In view of erasing black money, the government is not leaving single way out for those who are having black money. Since the demonetisation was rooted, it has clearly indicated the anticipated steps will further trace the defaulter of taxes. Taxes are the main source of government which are to be utilized further in development of country, but nonpayer of taxes, are not willing to contribute in country’s progress and development which finally is loss to country.

Central Board of Direct Taxes (CBDT), finance ministry, on January 6, 2017, issues the notification mentioning the instructions.

The government further in direction of questing defaulters, has announced the mandatory PAN for every saving account.  Yes it will definitely trace black money; subsequently Finance Ministry has asked that every account holder of saving account in banks and post offices, would require giving PAN detail or the Form 60 by February 28, 2017. Government is taking every step after demonetisation to investigate the money deposits made by people.

In direction of same, all the banks and the post offices are already asked to get the detail of those customers who deposited accumulating to more than Rs 2.5 lakh during the period November 9, 2016 to December 30, 2016.

This information banks need to provide by latest by January 15, 2017.

As government has complete concrete plan to trace the black money, therefore finance ministry also directed banks and post offices to provide account transaction details from 1st April 2016 to 8th November 2016 of those account holders who deposited hefty amount close to 2.5 lakh during 9th November 2016 to 30th December 2016. It might see a real outcome.  Existing rule requires PAN details, in case of deposit made above Rs. 50,000 requires giving detail of PAN or giving Form 60. The unfold notifications, are making people wonder, about the next rule or direction of government to access the people with black money.

Modi government seems to have many other ideas to settle the black money accounts.  Majority of people from low class or middle class, have supported Modi Government’s decision of demonetisation, as to them it seem Modi Government is making India a strong economy. Also people seem to be happy in cash less payment approach of government. These days’ cash less is in everyone’s talk. People are learning to become part of cash less transactions. Also it is observed the market of cash less tractions have increased many folds.

By: Ashu Bisht



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