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Political parties will not come under scrutiny for depositing cash in old currencies

By Newsd
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In a major drawback to the so-called historic move demonetization, the finance secretary Ashok Lavasa said that political parties are exempted under Income Tax law to deposit old currency notes in their bank accounts on Friday.

This simply means that the political parties will not come under any inspection for cash deposits in old currency notes into their bank accounts.

“Tax exemption on deposits by political parties subject to individual donations not exceeding ₹20,000 in cash and with proper receipt,” said Lavasa to reporters.

Earlier in the day, Lavasa also said that the limit imposed on withdrawal from bank accounts post demonetisation will be revised after Dec 30. Dec 30 is the last date for depositing of old or scrapped notes with the banks.

As of now, the government has fixed a cap of ₹24,000 per week on withdrawal from bank accounts.

People can withdraw ₹2,500 per day from ATMs considering the currency crunch after scrapping of ₹500 and ₹1,000 rupee notes.

“There will be a review which will be done after December 30 and whatever steps are required to be taken to bring things back to normalcy, I think they will be decided only after the review is complete,” said Lavasa at Ficci event.

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