A new measure to prevent black money: Withdrawal of large amounts from bank in a single day to be taxed!
Posted on: 04/Dec/2014 2:22:57 PM
There is a proposal to impose tax for withdrawals of cash from the banks above the set limit.
The high-level committee has recommended this measure to the central government.
This is a measure towards recovery of the black money in the economy.
The central government is determined to recover all the black money hidden in foreign banks. At the same time, actions have been initiated to recover the black money within the country as well.
Now, the high-level committee has recommended the measure of imposing a tax on large amounts withdrawn from banks on a single day.
The high-level committee, headed by Mr. Parthasarathy Shome, was formed during the previous UPA government to suggest measures to increase the government revenue..
The committee has presented its report suggesting various measures implying an increase in the number of tax-payers in the country.
These measures included taxing people with large agricultural property, refusing public pardon for the tax evaders, etc.
One of the measures is about introducing a new tax to be paid on withdrawals of large cash amounts from the banks in a single day.
These proposals are being scrutinised by the central government.
