In a significant move and to calm opposition who is repeatedly claiming that the BJP MPs were aware of the demonetisation move even before it came into the effect, Prime Minister Narendra Modi has asked all his party’s lawmakers to submit particulars of their bank records from November 8 – when denomination of high value notes was announced to December 31 – the deadline for submitting the banned notes.
The parliamentarians and the state legislators of BJP will submit their bank details to party chief Amit Shah. The order was issued after the government proposed new tax rules for individuals who surrender black or untaxed money by the end of the year.
While 50 percent of the disclosed money will be penalized and taxed, the 25 per cent will be kept with no interest paid to the owner in a special fund for welfare and development schemes. The remaining 25 per cent will be made accessible to the holder for immediate use.
The opposition alleged that the BJP informed some of its industrialists and own leaders prior to the PM’s shocking announcement on November 8. However, the government has denied all allegations.