Prime Minister Narendra Modi’s demonetization of 500 and 1000 Notes is sending jitters everywhere. The Union government is recording all the Cash Exchanges going on in the country and already announced that it will tally all the deposits exceeding 2.5 Lakhs in an account with the IT Returns.
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If there is a mismatch, 200% Penality will be levied on such people. This move has brought families closer like never before. People with more money are distributing it among their family members. To avoid scrutiny, they are distributing 2.49 lakh each among family members and friends and seek their help in depositing the amount in their respective accounts.
Particularly the accounts of the women family members and friends as they can get away easily from IT Departments. Also, the accounts of senior citizens and students are also being utilized but the deposits have to be in lower denominations of Rs 50,000 to Rs 1 lakh to avoid scrutiny. These techniques can, however, be used only for small amounts and not for those in Lakhs.
