Another death kneel for black tycoons
Already petrified by the sudden withdrawal of 1000 and 500 rupee notes from the market, here comes another rude shock for all the black money holders. Though panicked initially, many rich people are working on having others exchange or deposit money for them into their accounts. Now, to counter that, here comes a shocker from the government.
The government stated that all deposits made between now and December 30th should be transparent. Small time business people and workers need not worry. Amount of 1.5 lac to 2 lacs will not come under tax. But if one wants to deposit more than 2.5 lacs, one should show evidence that matches with the already declared income in IT returns. If not done, one would be liable for a penalty of 200%, according to Revenue Secretary. Now, doors are closing one after another for the black money tycoons.