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Cash Crackdown Escalates: India May Impose 60% Tax On “Unaccounted” Deposits, Curbs On Gold Holdings

New Delhi : People standing in long queues to exchange their old Rs 500 and 1000 notes and withdraw cash from the ATM in New Delhi om Thursday.PTI Photo by Subhav Shukla(PTI11_17_2016_000041B)

New Delhi : People standing in long queues to exchange their old Rs 500 and 1000 notes and withdraw cash from the ATM in New Delhi on Thursday (17 Nov 2016).PTI Photo by Subhav Shukla

  • Cash Crackdown Escalates: India May Impose 60% Tax On “Unaccounted” Deposits, Curbs On Gold Holdings 
    by Tyler Durden, http://www.zerohedge.com 
    As reported yesterday, India’s unexpected crackdown on “black money” which saw the elimination of the old high denomination bills, is not going well, not only because former PM Manmohan Singh slammed the idea warning it would cut as much as 2% from the GDP of the world’s fastest growing economy, but because so far the voluntary participation in the “exchange” of old for new notes ahead of today’s exchange suspension (deposits of old cash may still take place until December 31) has been far below expectations.

    As a result, the government is taking even more aggressive steps to part savers with their allegedly “laundered” cash, and as the Indian Express reports, Mody’s cabinet discussed amending laws to levy close to 60% income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes. “The move comes amid banks reporting over Rs 21,000 crore being deposited in zero-balance Jan Dhan accounts in two weeks after the 500 and 1,000 rupee notes were banned, which authorities apprehend may be the laundered black money.”

    read more.

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November 26, 2016 - Posted by | Economics | , , , ,

1 Comment »

  1. Reblogged this on behindertvertriebentessarzblog.

    Comment by Senatssekretär Freistaat Danzig | November 26, 2016 | Reply


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