PM tells BJP MPs, MLAs to submit details of their bank acc transactions

New Delhi: Prime Minister Narendra Modi today asked BJP MPs and MLAs to submit details of their bank account transactions since the date of announcement of demonetisation (November 8) till December 31. The BJP MPs and MLAs have to submit these details to party president Amit Shah, Mr Modi said during the BJP Parliamentary Board meeting held here.

Briefing reporters about the meeting, Parliamentary Affairs Minister Ananth Kumar said Mr Modi dismissed the charges that the Income-Tax Amendment Bill tabled in the Lower House yesterday was for changing black money into white.

The Bill, which was introduced in the Lok Sabha by Finance Minister Arun Jaitley, provides a regime under which declarant shall be required to pay tax of 30 per cent of the undisclosed income, and penalty of 10 percent of the undisclosed income.

Further, a surcharge to be called ‘Pradhan Mantri Garib Kalyan Cess’of 33 per cent of tax is also proposed to be levied. In addition to tax, surcharge and penalty (totaling to approximately 50 percent), the declarant shall have to deposit 25 per cent of undisclosed income in a Deposit Scheme to be notified by the RBI under the ‘Pradhan Mantri Garib Kalyan Deposit Scheme, 2016’. (UNI)