The demonetization of 1000 and 500 rupees currency made the black money holders in the nation to go into hibernation mode. People with black money suddenly disappeared and nobody was ready to come ahead and declare the unaccounted assets and in this scenario, a businessman from Surat in Gujarat has made the deposit (surrender) of Rs. 6000 crore in cash.
He was aware of the consequences of the disclosure but he still took this bold step. According to the sources, a Surat-based builder and a diamond merchant have surrendered a cash of Rs. 6000 crore. It looks like the Modi ji’s war against the corruption and black money has paid the first big dividend.
According to the sources, based on the applicable tax structure and penalty the businessman may have to pay the 30% tax on his cash deposits which will be Rs. 1800 crore and 200% penalty that will be another Rs. 5400 crore to the government of India, said the sources. That sums up to Rs. 7200 crore which means now he may have to pay additional Rs. 1200 crore for the disclosure of the huge amount.
The sources have revealed that he is one of the richest builder and a diamond merchant of India. He is knownn for offering huge charities in the society and offering very expensive gifts to all his employees every year. This year in February, he donated Rs. 200 crore for the purpose of girl child education which won him respect throughout the state. He gifts his employees included the cars, flats, etc on the occasion of Diwali – the news of which have found a place in newspapers many times. The most interesting fact about him is that he is the same man who had bought PM Modi’s much ‘controversial’ suit which had his name all over it.
Besides this biggest cash surrender of the time, there are cases of raids and arrests for the recovery of black money came into the light after the Modi government has launched the demonetization drive on 8th November this year to crackdown on the unaccounted wealth and corrupt people.
Here are some of the incidents of massive recovery of unaccounted wealth. Apart from recovery, there have been multiple instances where sacks full of torn notes, stacks of burnt notes and huge sum of money flowing in rivers have been found out. Take a look at a few of the incidents which show how the surgical attacks on black money is unfolding and how crores and crores of unaccounted wealth is either being recovered or being destroyed so that the corrupt are not arrested. Here are a few news from ANI
— ANI (@ANI_news) November 13, 2016
Mansa (Punjab): Police recovered Rs 1 crore cash (in Rs 500/1000 denominations) from a vehicle in Sardulgarh area pic.twitter.com/mxuG2aDtG8
— ANI (@ANI_news) November 12, 2016