Government today warned Jan Dhan account holders of facing prosecution if they allow misuse of their bank accounts, asked people not to be lured into conversion of black money and become a partner in the crime of converting black money into white. <br/><br/>The directive of the Finance Ministry came against the backdrop of reports that some are using other persons' bank accounts for deposits of scrapped old notes.<br/><br/>The government had earlier said deposits up to 2.50 lakh rupees in bank accounts come within the income tax exemption limit and will not attract tax scrutiny. <br/><br/>In the case of Jan Dhan account, the holder can deposit up to 50 thousand rupees.The ministry said 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.<br/><br/>The government had earlier said black money deposited in bank accounts during the 50-day period will be subject to tax, interest and 200 per cent penalty.<br/><br/>It also asked people to provide information of such illegal activities to the I-T department so that immediate action can be taken. <br/><br/>The government has urged every conscientious citizen to help join the government in eradicating the black money as it is a crime against humanity.
News On AIR | November 18, 2016 5:54 PM
Do not misuse Jan Dhan accounts for lure of money, warns Govt