Prime Minister Narendra Modi has asked all Bharatiya Janata Party MPs and MLAs to submit details of their bank account transactions from November 8 onwards, the day demonetisation was announced. The move is an effort to blunt opposition criticism that party members knew in advance and profited from the move.
The bank account details will have to be submitted to party president Amit Shah, Prime Minister Modi said at the parliamentary party meet today. He also said that the purpose of the recently introduced IT Amendment Bill is to use the money recovered for the welfare of the poor, and not for turning black money into white.
The government on Monday introduced the Income Tax Amendment Bill in Parliament for people to declare their black money. The bill proposes to levy a 50 percent penalty on the sum declared, and use 25 percent over and above that amount in an interest free deposit scheme. Someone declaring their black money through this scheme will be left with 25 percent of their money in white.
Amit Shah asked BJP Members of Parliament to motivate traders in their constituencies to move towards cashless transactions.