The Income Tax department has detected undisclosed monies of Rs 1.64 crore and other "inconsistencies" in its countrywide investigations into the sudden popping up of suspicious amounts in Jan Dhan accounts
Recurring bank deposits are one of the popular investment options for a large segment of the population.
It may take as little as six seconds for hackers to guess your credit or debit card number, expiry date and security code, say scientists who were able to circumvent all security features meant to protect online payments from fraud.
SBI noted that going by data as on November 9, the amount of high currency denomination notes was Rs 15.44 lakh crore
Mr Jaitley said just 4 crore to 4.5 crore people file income tax returns out of a population of 125 crore people.
The government on Nevember 8 had announced the scrapping of old Rs 500 and 1,000 currency notes as part of measures to curb black money and check terror financing.
In a public notice, the Reserve Bank said that people should rely on information provided by it on its website.
The government suspects that black money hoarders are using the farmers and other people's Jan Dhan accounts to deposit their ill-gotten money.
Nudging retailers such as malls and shop owners to deposit their daily collections with banks, RBI has said they would be allowed to withdraw the deposited sum in Rs 2,000 and Rs 500 notes, irrespective of the existing withdrawal limits.
To encourage people to deposit valid currency notes in banks, RBI said bank customers would be able to withdraw deposits made in current legal tender notes beyond the current limits, a move aimed at increasing currency circulation in system.
People have exchanged and deposited about Rs 8.45 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 27 following demonetisation of the high value currency.
The government proposed to raise penalty under Income Tax Act for search and seizure cases by 3-fold to 30 per cent, a move aimed at deterring black money holders from misusing the provisions for turning their unaccounted cash into white.
The disclosures will enjoy immunity from Wealth Tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, Narcotics and black money law, he said.
The government moved an amendment in the Lok Sabha, seeking to change income tax laws for taxing of undisclosed income in the wake of demonetisation.
Providing a window to black money holders, the government proposed to levy a total tax, penalty and surcharge of 50 per cent on the amount deposited post demonetisation while higher taxes and stiffer penalty of up to 85 per cent await those who don't disclose but are caught.
The RBI's move will put further downward pressure on bank's fixed deposit rates, says global financial services major Deutsche Bank.