Modi Govt: Depositing unaccounted Money in other's Bank Account may invite up to 7 years Jail

November,21,2016:

IT dept. claims to have uncovered over Rs. 200 crore in undisclosed income since Nov. 8

Income Tax Department has now decided to slap charges under the newly enforced Benami Transactions Act against the violators that carries a penalty, prosecution and also rigorous jail of a maximum term of seven years.

IT Department in its statement stated that the Department has detected over Rs. 200 crore as undisclosed income after it conducted about 80 surveys and about 30 searches in cases of suspicious usage of the scrapped currency. Around Rs. 50 crore has already been seized in these operations since November 8.

IT Department had initiated an country-wide operation to identify the suspected bank accounts where huge cash deposits have been made since November 8.

Senior official on behalf of the Department stated that,"The person who deposits the old currency in the bank account shall be treated as the beneficial owner and the person in whose bank account the old currency has been deposited will be categorised under this law as a benamidar,”.