PM Modi : Declare black money by September 30 or face action
PM Narendra Modi discussed the ample scope for growth in jewellery sector at felicitation programme organized by All India Gems & Jewellers Federation at Delhi on 23 July.
Prime Minister Narendra Modi warned black money holders to declare the black money by September 30. He also warned them to take serious about his comment otherwise get ready to face action.
The black money holders who fail to take advantage of this scheme will have to face stringent actions including imprisonment.
Recently the Income Tax department has already identified about 90 lakh high value transactions without PAN.
Under the Income Declaration Scheme (IDS) which started on June 1, black money holders can camo forward and declare their black money by September 30. Black money holders will have to pay tax and penalty of 45 per cent under this scheme.