Planning to go to the bank with Rs 500, 1000 notes? Beware!! The Income Tax department is watching you.

If you are planning to go to the bank to deposit cash in the coming days, beware. The Income Tax department is watching you.


Prime minister Narendra Modi dropped a bomb yesterday while addressing the nation through Doordarshan. He announced that Rs 500 and Rs 1000 banknotes are being withdrawn from the financial system starting 00:00 hours November 9, as a strict action against rampant counterfeit currency floating in India and black money.

Modiji has given 50 days, from November 10 till December 30, to deposit these notes to your bank account. Banks and ATMs, however, will remain shut today, that is on November 9, and will be operational from November 10. ATMs will not accept cash deposits, all cash deposits will have to be made from bank branches itself. There will be no changes in payments using cheques or any non-cash mode of payments.


THE INCOME TAX DEPARTMENT IS WATCHING YOU!
The Income Tax department will keep a check on individuals who exchange cash amount of Rs 2 lakh and above.
The objective is to make Indians tax compliant, eventually leading to higher revenues for the government.
The IT department has been asked to keep record of every individual, their PAN card details, and tally it with tax filing.
Accordingly, the department will impose penalty, which could be between 30 per cent and 120 per cent, depending on the source of income.

As per the IT department, the physical cash circulation in India is Rs 17 lakh crore and out of this, 88 per cent is Rs 500 and Rs 1,000 notes. Official data suggest that 40 per cent of black money is generated in real estate, while stock market and bullion transactions are other big sources.

In 2015, investigative agencies and the Reserve Bank of India recovered 6,32,000 fake currency notes worth Rs 30.43 crore.

In 2015, various intelligence agencies filed 788 cases of smuggling and circulation of fake currency notes, in which at least 816 people were accused. Also, over 43 per cent of the fake currency recovered was just from Delhi and Uttar Pradesh

       

https://youtu.be/m2s8rMXQMw8

Rs 1000 and Rs 500 notes will no longer be legal from Nov 8 midnight: PM Modi.

YouTube video link : ModiJi ThugLife

https://youtu.be/m2s8rMXQMw8

Currency
Starting midnight Nov 8 Rs 500, Rs 1000 currency notes not legal, what you need to do
People who have Rs 500 or Rs 1000 notes in their possession can hand over the notes from November 9 to December 30 to any post office or banks.
TNM Staff| Tuesday, November 8, 2016 - 20:32

       

In an address to the nation, Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 notes will be illegal tender from Tuesdaymidnight.

Calling this a necessary step in the fight against corruption and black money, the PM said that the government will try its best not to inconvenience people.

People who have Rs 500 or Rs 1000 notes in their possession can hand over the notes from November 9 to December 30 to any post office or banks. However ATMs across country will not work on November 9 and in some places on November 10. All banks across the nation will be closed for public dealings on November 9.

Those handing over currency notes will have to carry identification with them.

The PM also added that fuel stations, airports and hospitals will accept Rs 500 and Rs 1000 till November 11 midnight.

The Reserve Bank of India has accepted the proposal said the PM in his television address and added that new Rs 500 and Rs 2,000 notes will be introduced.

The PM also said that withdrawal limit at ATMs will be limited to Rs 2,000 per transaction, however he did not mention how long this step would be implemented.

Corruption, black money and terrorism can come in the way of a country's robust economic growth, said the Prime Minister. He also said that terrorists were using counterfeit currencies and spreading terror.

"We hear stories of how an autorickshaw driver gives back gold left by a passenger in his vehicle. These stories tell how common people are honest. A few people engage in corruption for selfish reasons", PM said.

"In every country's history, there comes a moment which every citizen wishes to be a part of. But there are very few such moments in one's life. Today time is giving us that opportunity again. Every citizen can contribute now to this fight against black money."

"Your money is yours. You will note lose anything. The government will ensure that," said PM Modi.

What you can do with your Rs 500 and Rs 1000 currency notes:

Change them at the bank or post office between November 10 and December 30.

Carry your Aadhaar card and pan card when you go to exhange notes.

You can exchange these notes at Reserve Bank after December 30.

The picture of the new Rs 2000 note.