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| Government Plans Nearly 60% Tax On |
| Government Plans Nearly 60% Tax On Unaccounted Deposits In Banks: Sources
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| INDIA
, 24-November-2016
20:13:23 PM |
| The Cabinet tonight is believed to have discussed amending laws to levy close to 60 per cent income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes.
The move comes amid banks reporting over Rs. 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the 500 and 1,000 rupee notes were banned, which authorities apprehend may be the laundered blackmoney.
There was no official briefing on what transpired in the meeting that was called at short notice as Parliament is in session. Traditionally, there could no disclosures outside on any policy decision taken during the sitting of Parliament.
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