People converting black money into white not to be spared: Shaktikanta Das

"Those indulging in or colluding with money laundering or converting black money into white will not be spared," Economic Affairs Secretary Shaktikanta Das said.

By: PTI | New Delhi | Published:December 2, 2016 11:36 am
Shaktikanta Das, demonetisation, corruption, black money, demonetisation black money, tax evasion, demonetisation corruption, india news Economic Affairs Secretary Shaktikanta Das. (Source: File)

In a stern warning to black money hoarders, the Finance Ministry today said those indulging in money laundering activities and converting their ill-gotten money into white will not be spared as law-enforcement agencies are already chasing such trails. “Those indulging in or colluding with money laundering or converting black money into white will not be spared,” Economic Affairs Secretary Shaktikanta Das said in a tweet.

“Trails being pursued by agencies. Coordinated action underway. Result already visible. Will be more visible in coming days,” he added. The government on November 8 had announced the scrapping of old Rs 500 and 1,000 currency notes as part of measures to curb black money and check terror financing.

The Lok Sabha on November 29 had passed the Taxation Laws (2nd Amendment) Bill, 2016, that seeks to tax money deposited in banks post demonetisation, marking the first legislative business during the two-week-old Winter Session which has been paralysed due to continued protest by the Opposition parties.

The bill proposes to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don’t disclose but are caught.

Finance Minister Arun Jaitley had said the bill was brought after it came to the government’s notice that some people were trying to illegally exchange the demonetised Rs 1,000 and Rs 500 currency notes. Jaitley said as per the amendment proposed, those caught illegally converting money will have to cough up 60 per cent tax plus penalties, which will come to 85 per cent.

Those who disclose black money to banks will have to pay 50 per cent tax, including surcharge and penalty. While they will get back 25 per cent immediately, the rest 25 per cent will be returned after 4 years.

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  1. S
    Shakri
    Dec 3, 2016 at 3:12 pm
    bhow bhow bhow ....... lt;br/gt;The dog that barks, don't bite and d dog that bite , don't bark . lt;br/gt;I saw even a new category . His name is urejeet , he neither barks nor bite.lt;br/gt;Haha
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      Shakri
      Dec 3, 2016 at 8:48 pm
      Sorry if there r dog lovers . This is just an irony that's all .
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        ANP
        Dec 2, 2016 at 9:53 am
        Common man standing in queue from morning 5am to exchange/deposit their hard earned money ... Those having ill-gotten wealth exchange their black money and to help them bankers money lenders act as their agents...
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          ashok s
          Dec 2, 2016 at 10:05 am
          He the ostwal builders closed his office three days in advanced . how its possible
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            ashok s
            Dec 2, 2016 at 10:04 am
            Senior can you tell me how come ms ostwal builders got the smell of demonetization . pls can you explaine
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            1. D
              Dr M
              Dec 2, 2016 at 6:58 am
              If at all black money is caught while trying to exchange through middlemen, declared without accountability or in raids at any point of time; why can't be the w amount be impounded, this policy of letting go with a part of black money raises doubts about Govt's intentions in the mind of public and opposition alike.lt;br/gt;Can Saktikanta Das explain this parody?
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              1. G
                gary george
                Dec 2, 2016 at 10:57 am
                Some bank managers and income tax officers are crooks.
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                1. G
                  gary george
                  Dec 2, 2016 at 10:56 am
                  good
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                    Manzoor
                    Dec 2, 2016 at 8:27 am
                    Repeating the same thing like a pup**pet. Release a white paper showing how many people had been caught so far.
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                      PURUSHOTTAM
                      Dec 2, 2016 at 9:42 am
                      All the notes arriving and vanishing miraculously gives rise to suspect that bank staff, retired bank staff are acting in connivance, exchanging and distributing. The staff union office bearers are happy at the unexpected windfall. CCTVs are closed after banking hours and real business starts. These people compete with even politicians and cry loudly. Watch them and you will find culprits.
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                        Jagdamb!
                        Dec 2, 2016 at 8:54 am
                        Mullahs are hopeless in reacting
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                          SanjayG
                          Dec 2, 2016 at 8:02 am
                          Son Das speaking the same language of Papa Jaitley
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                            Vishwanath
                            Dec 2, 2016 at 7:38 am
                            A bold move is being spoilt by a dumb executive who was less prepared and intelligent than the crooks. This is the main reason why we could never have our taxation system working well and collecting from all who ought to pay. Of course the other being venal taxmen.lt;br/gt;With almost 10 lac crores inside the system and a month to go, every single note back or white will come back into the banking system. The entire exercise for the govt is likely to have cost about 1.5 lac crore . If we could not even save 3 lac crore from getting back in to the system it will be real shame and insult to the honest who sacrificed and suffered the pain silentlylt;br/gt;Mr Das saying that the govt will chase the crooks is like saying the usual " law will take its own course" It was painful to see openly so many people converting their black into white - discounting and depositing into poor people accounts, giving advance ry for 10 months, opening new accounts for all employees and depositing the money while having the ATM cards for these accounts with employer, every trick you can think of.. Mr Das and team were busy announcing everyday schemes indelible ink etc... lt;br/gt;One simple rule from the beginning is that you must open a bank account and deposit first.. Withdraw from it if you so wish with same 4000 Rs cap.. You would have avoided the mad exchange.. It is silly to see a great once in a lifetime opportunity screed up big time.. The pain of waiting for currency at ATM is nothing if we had saved 3 lac crores.. Straight away that money would have been realized by the govt and the systemlt;br/gt;lt;br/gt;Now, Mr Das and co will have job for 10 years.. They will wait for filing in July 17, then IT summons and then all cases will be contested in courts and our brave CJI will say I dont have judges and we will keep going around in circus.. What could have been swift and immediate is now prolonged to a usual indian battle - the operation is successful and patient is dead..Very disappointing end for a great opportunity and a brave political decision.. When you have a poor executive, bravado will only shame you is the lesson perhaps to the govt..
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