People Depositing Old Notes In Banks Will Not Enjoy Tax Immunity: Arun Jaitley
Finance Minister Arun Jaitley on Wednesday said deposits of now-defunct old Rs. 500 and Rs. 1,000 currency notes in bank accounts will not enjoy immunity from tax and law will apply on source of such money. A day after the government announced the withdrawal of Rs. 500 and Rs. 1,000 banknotes in the country's biggest crack down against black money, corruption and counterfeit currency, Mr Jaitley said old higher-denomination currency notes have to be deposited in bank accounts to get newer or smaller denomination currencies.
