The Demonetization announced by Prime Minister Narendra Modi has got immense support from the people despite severe hardships they were put to. And now it is time for Modi to pay back the benefits to them. It is more or less cleared that only very small amount of money is not deposited in banks.
[m9ad]
Now the onus is on the Income Tax Department to prove some of the large cash deposits as ill-gotten and make the black sharks shell huge penalties. The department has initiated Operation Clean Money. The initial phase of operation involves e-verification of large cash deposits made between November 9th and December 30th.
Once the exercise is complete, notices will be served to those who made such deposits and they will have to explain the source of the income or else be stamped as Black Money holders. The gains through this exercise is crucial for Modi.
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