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War against black money: Misuse of accounts will draw strict penalty, Finance Ministry tells housewives, workers

Observing That The Government Had Earlier Announced That Small Deposits Made In The Bank Accounts Of Artisans, Workers And Housewives Etc, Would Not Be Questioned By IT Dept, Finance Ministry Officials Said If The Accounts Are Misused Then Government Will Take Strict Action.

News Nation Bureau | Edited By : Arshi Aggarwal | Updated on: 18 Nov 2016, 03:00:09 PM
Finance Ministry warns housewives, workers against misuse of accounts

New Delhi:

Finance Ministry on Friday warned people against the misuse of their accounts by trying to convert black money into valid denominations. 

Observing that the government had earlier announced that small deposits made in the bank accounts of artisans, workers and housewives etc, would not be questioned by IT dept, Finance Ministry officials said if the accounts are misused then government will take strict action. 

"Such tax evasion activities can be made subject to income tax and penalty, also who allows his account to be misused will be prosecuted," said officials. 

"However, genuine persons having their own household savings in cash and depositing the same will not be questioned," they said.

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First Published : 18 Nov 2016, 02:54:00 PM