AAP govt comes to the rescue of Delhi traders, to accept advance tax in old currency

AAP government is allowing traders in the national capital to file VAT in the old denominations of Rs 500 and Rs 1,000

In a bid to help the traders in New Delhi to exchange the old currency notes in wake of demonetisation, the Delhi Government has come up with a new plan. The Aam Aadmi Party government in the national capital is allowing the traders to deposit Value Added Tax (VAT) in the old currency notes.

According to a release by the Department of Trade and Taxes of Delhi, the registered traders can deposit their VAT by cash at any SBI or HDFC branch in the denominations of Rs 500 and Rs 1,000.

No limit has been placed on the amount of depositing tax. The Delhi government will be accepting the old currency notes till November 24, 2016.

Meanwhile, the Delhi Chief Minister and AAP Convener Arvind Kejriwal has called demonetisation the biggest scam ever. Tagging a tweet that termed demonetisation as a scam, Kejriwal tweeted, “It IS a scam.”

“Demonetisation will not end any black money. It is, in fact the biggest scam of independent India,” the Delhi CM told the reporters on November 12, 2016.

The AAP leader claimed that the Bhartiya Janta Party (BJP) had warned all its ‘friends’ well in advance before announcing his scheme to tender the currency in denominations of Rs 500 and Rs 1,000 as illegal, reported a leading English daily.

Meanwhile, the Reserve Bank of India increased the cash withdrawal limit of the holders of current, overdraft and cash credit accounts, to Rs 50,000.