Finance department cautions against “parking money”
DIMAPUR, NOVEMBER 18 (MExN): Finance Department, Government of Nagaland has cautioned all “tribals” who are exempted from paying income tax “not to allow non-tribals to park their money in their accounts, that is the accounts of the tribals, as this is illegal and amounts to conversion of black money into white.” It reminded that “the Central Government has warned of strict action against those involved in converting black money into white.” Informing this in an advisory, Principal Secretary & Finance Commissioner, Temjen Toy, also said the deposit of the demonetized Rs 1000 and Rs 500 currency notes in one’s own bank is permitted upto December 30, 2016, thereafter, deposit of old notes shall be permitted only at designated branches of the Reserve Bank of India. It also stated that all cash deposits of Rs 2.50 lakh and above shall be scrutinized and deposits not matching income will be questioned.
