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Tamil Nadu man deposits Rs 246 crore in account

Tamil Nadu

Chennai: A businessman based in Tiruchengode at Namakkal district in Tamil Nadu, whose identity has not been revealed yet, has reportedly deposited a whopping Rs 246 crore in cash at an Indian Overseas Bank, sources said.

First, he tried to hide, but after a few days he agreed to join the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay 45% of the total money as tax.

As per PMGKY, 25% of the money will be retained with the government without any interest. The cash deposited by the individual was in old demonetised currencies, as per sources.

By December 2016, just a month after demonetisation, the government uncovered concealed income to the tune of Rs 2,600 crore and seized a total of Rs 393 crore involving nearly 300 cases.

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