Depositors of Pak notes of face scrutiny
RAWALPINDI JUNE 26 Depositors of demonetized notes exceeding Rs10.000 have been given the option to either face the Government scrutiny or pay a demonitization fee, an official statement said on Friday reports PTI.
The option however will not apply to deposits above Rs. 100,000, the statement said. In this case the depositor will be subject to investigation by a Government-appointed committee on the legality of the acquisition of the money and possible tax evasion.
The Government demonitized on June7, 1,000 and 500 rupee notes to protect the nation’s economy form money taken away from banks in East Bengal when he civil war broke out last March. Holders of the demonitized notes were told to exchange the currencies at banks and Government treasuries.
No levy will be imposed on the first Rs. 10.000 the statement said. But a levy of 30 percent will be imposed on the next Rs.40,000 and for the next Rs.50,000 the levy will be 60 per cent.
The statement said no income or wealth tax will be charged on the amount for which levy had been paid.
Reference: Hindustan Standard 27.6.71