Modi hints at more measures against corruption, black money

Prime Minister Narendra Modi today said the demonetisation of high-value currency is a part of long term measures against corruption and black money even as his cabinet colleagues termed it as historic cleansing operation.

The government, meanwhile, sought details of all pre-demonetisation saving account in banks and post offices – whether the depositor had shared his/her Permanent Account Number (PAN) or submitted Form 60 so far.

The government has sought time till February end for enabling government to analyse the deposit history of such accounts.

"Our commitment is to change quality of life of poor," Modi said at the BJP National Executive.

The prime minister asked BJP to use its organisational strength to win over the poor stating that ''serving people amounts to serving God.''

''Corruption a big social evil and unregulated flow of currency a big stumbling block in containing graft,'' Modi added.

Minister for telecommunications Ravi Shankar Prasad said the PM saluted inner strength of people who he said understood the aim behind demonetisation.

''PM talked about bringing transparency in political funding; called for consensus among political parties on the issue,''added Prasad.

Meanwhile the finance ministry has asked banks and post offices to share information about cash deposits aggregating to more than Rs2.5 lakh during the period 9 November 2016 to 30 December 2016, latest by 15 January 2017.

A Central Board of Direct Taxes (CBDT) notification of 6 January 2017 mandated banks and post offices to provide data about cash deposits for the following period:

  • During 1 April 2016 to 9 November 2016 for those accounts where there have been cash deposits during the demonetisation period.
  • For the 8 November 2016 to 30 December 2016 period when deposits aggregate to:
  • Rs 2.5 lakh or more, in one or more current account of a person; or
  • Rs 2.5 lakh or more, in one or more accounts (other than a current account) of a person.