Crackdown on Blackmoney continue....

Above Rs 2.5 lakh to be taxed plus 200% penalty on mismatch

Government on Wednesday night warned that any mismatch with income declared by the account holder will be treated as a case of tax evasion. The Government has allowed citizens to deposit in their bank accounts old currency of Rs 500 and Rs 1000 denominations , which had been declared invalid in the nation's biggest crackdown on blackmoney corruption & counterfeit notes between Nov 10 to December 30.

Any mismatch with income declared by account holder would be treated as a case of tax evasion and the the tax amount plus a plenty of 200 per cent of the tax payable would be levied as per the section 270(A) of the Income Tax Act.

Person buying jewelry have to provide their PAN number.

In case of any query you may approach the control room of RBI by email or phone. You can mail to publicquery@rbi.org.in   or call 022 22602201/ 02222602944.