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Deposits of old notes in banks not to enjoy tax immunity FM

News and Press Release - Dated:- 9-11-2016 - Finance Minister Arun Jaitley on Wednesday said deposits of now-defunct old ₹ 500 and ₹ 1,000 currency notes in bank accounts will not enjoy immunity from tax and the land of law will apply on source of such money. A day after the government announced the withdrawal of ₹ 500 and ₹ 1,000 banknotes in the country's biggest crack down against black money, corruption and counterfeit currency, Jaitley said old higher-denominatio .....

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losed and if it is a crime money, or bribe money, then it is trouble, he told DD News. The Finance Minister further said that housewives and farmers with genuine savings need not worry about depositing cash in their bank accounts. The small amounts that people will deposit like ₹ 25,000, 30,000 or 50,000 lying in house for expenses, whatever money could be there for meeting normal family expenses they need not worry. They can go to banks, he said. The Finance Minister said for first one or .....

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