Secret plan..How PM Modi will put Rs 1500 in your account!

​New Delhi: PM Narendra Modi wants to put Rs 1500 cash in your account every month. He also wants to reward honest taxpayers by giving big relief in Income Tax. For this PM Modi needs huge amount of money. To generate resources for his dream projects, PM Modi has devised this master plan- rob black money hoarders to pay honest common man.

Over two-thirds of old notes deposited in banks have come in the form of deposits over Rs 2 lakh. This totals around Rs 10.38 lakh crore.

“These are the immediate high-level cases, which apparently appear to be odd. The Operation Clean Money targets them in the first phase,” Adhia said.

Deposits totalling Rs 5.48 lakh crore were deposited in 1.09 crore accounts. These comprise deposits between Rs 2 lakh and Rs 80 lakh. A total of Rs 4.89 lakh crore, comprising deposits of over Rs 80 lakh, were put in 1.48 lakh accounts.

After scanning the data, the government found that multiple deposits of between Rs 2 lakh and Rs 2.5 lakh were maden in many accounts linked to a single PAN number.

This has made the government’s task of nabbing the tax evader relatively easy. While a total of 18 lakh cases of suspect deposits have been identified by the department in the first phase, the Operation Clean Money would continue for the next two years, Adhia said.

“They (18 lakh cases) are all part of Operation Clean Money now. Whatever exercise we do and this is only the first phase, there will be phase two, phase three, phase four. It will go on for two years… so nobody should take it quietly that their turn has not come,” he said.

Many people deposited funds between Rs 2 lakh to less than Rs 2.5 lakh in multiple accounts, thinking these would not be caught. The government had initially said that tax department will not trouble people depositing up to Rs 2.5 lakh into their bank accounts, which is the exemption limit for each individual.

“(Rs 2.5 lakh exemption)… that was for genuine housewives, who may be having some savings… same name, same address mila hai, alag alag bank mein. All that computer can find out. Now, PAN is made compulsory . Everyone must do it before February 28,” Adhia added.

To implement PM Modi’s plan, IT officials have been given sweeping powers in the Budget for 2017-18. The IT officials can now attach property and decline to give reasons for the raids and searches.

The Budget allows the IT officials to open 10-year old cases if searches reveal substantial assets. Till now the limit was 6 years. In a bid to save IT cases falling in tribunals, the Budget has inserted certain sub-sections in existing law. ” The ‘reason to believe’ or `reason to suspect’, as the case may be shall not be disclosed to any person or any authority or the Appelate Tribunal”, says the Budget. The amendments have been made restrospectively.

The Budget also gives powers to IT officials to attach provisionally any property belonging to an assessee with prior approval of a Director level officer. This attachment of property, however, will be for a period of six months.

Extending the power of surveys, now IT officials have been allowed to conduct surveys “at any place at which an activity or charitable purpose is carried on”.


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