New Delhi, March 10, 2017

The Income Tax has served notices to 550 account holders in the state for depositing over Rs 15 lakh in the banks, post demonetisation, a senior official said today.

“These depositors would have to disclose their source of income and in case they fail to do so, the money would be treated as ‘black money'”, Chief Commissioner, Income Tax (Himachal Pradesh), Preetam Singh said.

Asserting that it was not necessary that the money deposited by the people was “black money” and there can be reasons for not disclosing it, he said, but now they have to disclose the source.

He said that the searches on the premises of some of the businessmen were also a part of the campaign to unearth black money.

Singh said 50 per cent of the amount detected would be spent under Prime Minister Garib Kalyan fund, 25 per cent would be given to the depositors while the remaining 25 per cent would be deposited in the bank for four year without payment of any interest.

Those who have deposited the money in different banks under the same permanent account number (PAN) would also not escape action, he added.

[The Financial Express]