Govt warns against use of others bank accounts to deposit black money

In a series of tweets, the Finance Ministry said,''the person who allows his or her bank account to be misused for this purpose can be prosecuted for abetment under Income Tax Act''.

Written by: Madhuri
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New Delhi, Nov 18: Union Minister Arun Jaitley on Friday warned those who are using other people's bank accounts to convert their black money will be severely punished.

Govt warns against use of others bank accounts to deposit black money

In a series of tweets, the Finance Ministry said,''the person who allows his or her bank account to be misused for this purpose can be prosecuted for abetment under Income Tax Act''.

The Finance Ministry's tweets came in wake of reports that people have misused Jan Dhan accounts to deposit their black money.

Earlier, the government had said that deposits up to Rs 2.50 lakh in bank accounts would not come under tax scrutiny as it is within the tax exemption limit. In the case of Jan Dhan account, the holder can deposit up to Rs 50,000.

Also, the tax department has already quoted PAN will be mandatory for cash deposits aggregating to Rs 2,50,000 or more between November 9 and December 30, 2015.

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