Govt unlikely to question deposits up to Rs 2.5 lakh

Govt unlikely to question deposits up to Rs 2.5 lakh

The government may take a call on Niti Aayog’s suggestion to spare taxpayers from being questioned for deposits of Rs 2.5 lakh in old currency notes, post demonetisation.

According to official sources, Niti Aayog vice chairperson Arvind Panagariya has also written to the Prime Minister’s Office saying that a generous formula should be devised to determine housewives’ savings that may have found its way into the banking system post November 8.

Soon after Rs 1,000 and Rs 500 old currency notes were banned, the government had said any deposit made over and above Rs 2.5 lakh will be taxed and will come under scrutiny for a possible income mismatch.
 

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