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I-T Department confirms information about black money in bank accounts post note ban

Fri, 27 Jan 2017-08:19pm , Indore , PTI

Income Tax department has confirmed information about the black money deposited in the bank accounts in Madhya Pradesh-Chhattisgarh (MP-CG) region after demonetization, claimed a senior I-T officer on Friday.

“We have information about all the deposits made in the banks and other financial institutions after demonetization in MP-CG region. Such people are given a chance to opt for Pradhan Mantri Garib Kalyan Yojana (PMGKY) to disclose their black money,” Principal Chief Commissioner (MP -CG) and Director General (Investigation) A K Jaiswal told journalists in Indore.

He informed a total of 49.5% of declared amount would be realised as tax, surcharge and penalty and this scheme would remain open up to March 31. When asked as to why the I-T department was not conducting searches if having confirmed information about black money, Jaiswal said “We (I-T officers) don’t make policies. We only put these policies into practice.” He, however, refused to disclose the information that how many people have revealed their income under PMGKY in MP- CG region so far.

Source: dnaindia.com