According to latest information released by Finance Ministry, a whooping Rs. 21,000 Crore has been deposited into the Jan Dhan Accounts after the Prime Minister announced the demonetisation of Rs. 500 and Rs. 1000 on the evening of November 8th. With maximum deposition coming from West Bengal.
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Under the scheme of Jan Dhan Yojana nearly 24 crore bank accounts were opened. Jan Dhan Yojana is a scheme by the Government for financial inclusion of people who earlier didn’t have any bank account.
In an apparent move to warn individuals who are using loopholes to convert black money into white, the ministry stated, “It is hereby clarified that such tax evasion activities can be made subject to income tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else”.
The Government has also directed banks to stop taking demonetised Rs. 500 and Rs. 1000 notes for deposition in small saving schemes like Public Provident Fund (PPF), Post Office Saving Scheme, Kisan Vikas Patra (KVP), Senior Citizen Saving Scheme (SCSS) and National Savings Certificate (NSC).
Information Source: indianexpress
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