With the opposition parties alleging that Prime Minister Narendra Modi had selectively leaked the information of demonetising Rs 500 and Rs 1000 currency notes, the Prime Minister has now asked his party’s MP’s and MLA’s to submit the details of their bank transactions between 8 November and 31 December to BJP president Amit Shah.

Some of the opposition leaders including Delhi Chief Minister Arvind Kejriwal has also alleged that some of the BJP leaders deposited crores in Rs 1000 and Rs 500 notes in the bank account hours and months before PM Modi made the announcement.

This comes close on the heels of the government introducing a bill to amend the Income Tax law which also provides for black money declarants a mandatory depositing of 25 per cent of the amount disclosed in the anti-poverty scheme without interest and a four-year lock-in period.

Those who choose to declare their ill-gotten wealth stashed till now in banned 500 and 1000 rupee notes under the Pradhan Mantri Garib Kalyan Yojana 2016, will have to pay a tax at the rate of 30 per cent of the undisclosed income.

Additionally, a 10 percent penalty will be levied on the undisclosed income and surcharge called PMGK Cess at the rate of 33 per cent of tax (33 per cent of 30 per cent).

Meanwhile, the opposition leaders continue to demand the presence of the Prime Minister in the House to hear out the Opposition parties and address their concerns. Home Minister Rajnath Singh had also asserted yesterday PM Modi would speak on demonetisation if the opposition desires.

-With Agency inputs