Indore, January 27, 2017

Income Tax department has confirmed information about the black money deposited in the bank accounts in Madhya Pradesh-Chhattisgarh (MP-CG) region after demonetisation, claimed a senior I-T officer today. “We have information about all the deposits made in the banks and other financial institutions after demonetisation 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 here.

He informed a total of 49.5 per cent 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.

[The Financial Express]