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What will happen to my black money of 1000 crores (in case if i have:p)

andy (Student CA IPC / IPCC) (55 Points)

08 November 2016

Will this move curb the black money if so how ? An first hand expert opinion is needed ;) What implication does it have other than making all the black money as white & all cash accountable. .Will this prevent from creating black money ?

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 09 November 2016

Not a complete step at all, but to some extent one of few.

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Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 09 November 2016

According to me, I feel that it may not prevent from creating black money in future. However, withdrawal of legal tender chatacter of bank notes in the denomination of Rs.500 & Rs.1000 will make all black money hidden a waste paper. This will also prevent one from distribution of cash for elections, illegal activities etc.

The government has also made various schemes from bringing out the undisclosed money/income or assets through IDS and amending Benami Tranactions Act etc. If one has declared the undisclosed income sincerely, there is no question of black money in his hand it can be deposited with bank.

Thanks.

Vaishnavi Ganesh (Chartered Accountant) (861 Points)
Replied 09 November 2016

If you have Black money even after the implementation of Income Declaration Scheme, 2016 and deposit the same into bank, you may be called for information.