Black money: Demonetisation not end, Modi warns of more steps
While addressing the Indian community in the Japanese city of Kobe during his visit to the country, Modi on Saturday said,"Demonetisation wasn't the end, more steps against black money can be taken after Dec 30."
Clarifying that the Government's decision to scrap the Rs. 1000 and Rs.500 notes was to recover ill-gotten and unaccounted money, he said, "Money that has been looted has to be recovered. And the rules have to be same for everyone."
"This Government will do everything to protect the interests of honest citizens," the PM said.
He concluded his visit in Japan on Saturday itself but his hint there left Indians back at home worrying and speculating about what his new move could be.
The Government has scrapped the Rs. 1000 and Rs. 500 notes with effect from Tuesday midnight to fight black money.
In unprecedented scenes, millions of people since Thursday morning thronged in front of banks across the country to deposit the now-invalid Rs. 500 and rs. 1000 notes.
The Government asked the people to deposit their Rs. 500 and Rs. 1000 notes in banks within a specific time frame and get smaller denominations in exchange.
It has also announced that deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner's income.
The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day period till Dec 30.
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