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Most people who had "black money" deposited their cash with albeit with a heavy penalty. The government allowed people to deposit their cash, but taxed it some
by thevardanian 8y ago
Most people who had "black money" deposited their cash with albeit with a heavy penalty.
The government allowed people to deposit their cash, but taxed it something like 50-70% if it had NO accounting at all.
- kranner 8y agoThis is false. According to the Income Tax department's own admission, it could only get ~1100 people to pay such a penalty between April and November 2017. I've cited a source for this in another reply to you above. Most people with black money exchanged their currency notes at a 10% to 20% cost via services that laundered via corrupt employees at banks or routing through newly opened accounts of poor people.