While everyone is busy depositing their 500 and 1000 currency notes in their accounts, some corrupt people are using other persons’ bank accounts to convert their black money into white. Here is the important notification from the central government which everyone must be cautious about.

The government on Friday cautioned Jan Dhan account holders, housewives, and artisans and prosecute anyone allowing the parking of illegal wealth of others. Govt clarified that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through the deposit of black money.

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In some places, even rewards are being given to account holders for allowing to use their bank accounts. The government has earlier said black money deposited in bank accounts during the 50-day period will be subject to tax, interest and 200 per cent penalty.

The government said that the misuse of account amounts to tax evasion. “It’s clarified that such tax evasion activities can be made subject to income tax and penalty if it is established that the amount deposited in the account was not of the account holder but of somebody else. Also, the person who allows his or her account to be misused for this purpose can be prosecuted for abetment under Income Tax Act,” Finance Ministry warned.

“Unless all citizens of the country help the government in curbing black money, this mission of black money will not succeed,” the official statement said.

However, genuine people who have their own household savings in cash would not be questioned, the ministry said. “Black money is a crime against humanity. We urge every conscientious citizen to help join the government in eradicating it,” it added.

The government had earlier said that small deposits made in bank accounts by artisans, workers, housewives would not come under tax scrutiny if it is within the tax exemption limit of Rs 2.5 lakh. In the case of Jan Dhan account, the holder can deposit up to Rs. 50,000.