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23
November 2016
Post demonetisation, a whopping Rs21,000
crore has been deposited in Jan Dhan bank accounts.
The money has come in after November 8
when Prime Minister Narendra Modi declared 500 and 1,000 rupee notes would no
more be legal tender. The Total Investment
& Insurance Solutions
The maximum deposit was reported in West
Bengal, Finance Ministry sources said on Wednesday.
A total of 24 crore bank accounts were
earlier opened in the Jan Dhan financial inclusion scheme so as to link every
household with a bank account. The
Total Investment & Insurance Solutions
Seeking to close all the gaps for people
to turn their black money into white, the Finance Ministry had warned against
using others' accounts to hoard cash and said that those allowing his or her
account to be misused would face prosecution. The Total Investment & Insurance Solutions
"It is hereby clarified that such
tax evasion activities can be made subject to income tax and penalty if it is
established that the amount deposited in the account was not of the account
holder but of somebody else," the ministry had said. The Total Investment & Insurance
Solutions
Also the person who allowed his account
to be misused for this purpose can be prosecuted under the Income Tax
Act. The Total Investment &
Insurance Solutions
Earlier in the day, all the banks were
directed not to take the old Rs500 and Rs1,000 notes as deposits in the small
savings schemes with immediate effect. The Total Investment & Insurance Solutions
"The government has decided that
subscribers may not be allowed to deposit demonetised currency in small savings
schemes. The Total Investment
& Insurance Solutions
"Banks are, therefore, advised not
to accept the old Rs500 and Rs1,000 notes for deposits in small saving schemes
with immediate effect," the RBI said.
The small savings schemes include Public
Provident Fund (PPF), Post Office Saving Schemes, National Savings Certificates
(NSC), Senior Citizen Savings Scheme (SCSS) and Kisan Vikas Patra (KVP) among
others.The Total Investment &
Insurance Solutions
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