Telangana News

IT department is conducting the search and survey operations across the country, after they found out that, Jewellery and hawala operators were accepting  banned Rs 1000 and Rs 500 notes at 40% discount.

According to the source in the Central Board of Direct Taxes, IT officials are yet to find out where these banned currency notes were to be shifted and how they would have monetized it considering they are no more a legal tender. 

The source further added that, people will have no other option with unaccounted cash, other than throwing it away, as the government will impose penalties at 200% after tax, which account for almost 98% of the total value of the currency notes found to be illegitimate income.

However, Finance Minister Arun Jaitley assured people that the taxman will not hound those making small deposits in scrapped Rs 500/1,000 currency adding, however, people with "large amounts of undisclosed monies will have to face the consequences under the tax laws".