News Nation Logo

It pays to be honest: Arun Jaitley on withdrawal of Rs 500 and 1,000 currency notes

The Finance Minister Said That The Decision Is Not An Immunity Scheme And All Deposits Of Old Rs500 And Rs 1000 Notes In Bank Accounts Will Be Subject To Tax Laws.

News Nation Bureau | Edited By : Kanishk Sharma | Updated on: 09 Nov 2016, 03:01:10 PM
Finance minister Arun Jaitley interacts with journalists during a press conference in Delhi. (File Photo)

New Delhi:

Finance minister Arun Jaitley said on Friday that people with integrity are not bothered by the government's decision to discontinue old bank notes of Rs 500 and Rs 1,000.

"This is not an immunity scheme. All deposits of old Rs500 and Rs 1000 notes in bank accounts will be subject to tax laws," Jaitley said during an interview on Doordarshan News.

Rs 500, Rs 1000 notes discontinued: Celebreties, sportsmen hail Modi govt's 'brave' currency overhaul

"It pays to be honest, those having black money are worried," he added.

Jaitley also said that people should use cheque instead of indulging in cash payments.

How to exchange banned Rs 500 and Rs 1000 notes: Frequently Asked Questions

Read the story in Hindi

For all the Latest India News, Download News Nation Android and iOS Mobile Apps.

First Published : 09 Nov 2016, 12:33:00 PM