One can't convert black money into white by merely depositing in banks: Arun Jaitley

New Delhi: What can be termed as veiled warning to the black money hoarders, Finance Minister Arun Jaitley said that just merely by depositing black money in the bank accounts, one must not think that it has been converted to white as taxes are still to be paid on the unaccounted cash.

Jaitley said, “ By just depositing it (unaccounted money), you don't avoid the responsibility of paying tax."

He also warned black money holders saying that income tax is keeping a tab of such deposits.

Replying to a question of long queues for withdrawal of cash at banks, the finance minister said RBI has increased the supply of new Rs 500 notes and asserted that the situation will improve soon.

Jaitley also discussed the issues concerning demonetisation with the state finance ministers after the GST Council meeting.

With PTI Inputs