TN man deposits Rs 246 crore banned notes under PKMGY, to pay 45 per cent tax

Chennai: A businessman from Tiruchengode at Namakkal district in Tamil Nadu acquired into approved trouble after depositing Rs 246 crore cash at an Indian Overseas Monetary establishment division, acknowledged experiences.

IT officers had been quoted as saying that the individual (whose determine has not been revealed) was being tracked for 15 days after he deposited the case in demonetised foreign exchange notes. Though he tried to cowl, after a fortnight he agreed to affix the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay 45% of the general money as tax.

Better than 200 individuals and companies have deposited spherical Rs 600 crore in unaccounted money in diverse monetary establishment accounts in Tamil Nadu and Puducherry after demonetisation.

“Most of them have joined the PMGKY scheme, which comes to an end on March 31. We hope the total unaccounted money will go up to Rs. 1,000 crore before the month end. We are also warning people who are still not on board that the heat will increase from April 1,” an IT official was quoted as saying.

Beneath PMGKY, people with unaccounted money can deposit it in cash, cheque, demand draft or through the digital route in any monetary establishment accepting direct tax funds.

Whereas 50 per cent of the money will get taxed, 25 per cent is saved as a non-interest four-year bond with the RBI. The rest will be utilized by the defaulter.

Nevertheless any money obtained by laundering or through jail actions cannot be accepted beneath PMGKY.