Note ban: Those indulging in unlawful activities related to black money will not be spared, says govt

 New Delhi: Those found guilty of indulging or aiding in money laundering activities or evading tax will not be spared, said the Economic Affairs Secretary Shaktikanta Das on Friday.

Das tweeted:

He added that the coordinated action of different investigative agencies is underway against black money hoarders. "Result already visible. Will be more visible in coming days", added Das. 

Das reiterated that one should not get swayed by any kind of influence and allow misuse of their bank account for stashing unaccounted or illicit money of  black money hoarders.

Last week, the income tax department investigated alleged irregularities at one of the branches of Axis Bank in Delhi. It is alleged that some bank officials colluded with unaccounted wealth holders in converting the scrapped currencies into white.

The government also managed to pass the Taxation Laws (2nd Amendment) Bill, 2016, on November 29. The new Taxation Law will allow government to levy tax up to 85 percent on all the unaccounted money deposited in banks after November 8, when demonetisation of Rs 500 and Rs 1,000 was announced.