Farmers will not be taxed: Modi
"Farmers are misled that Modi will tax you. I assure my farmer sisters and brothers, no one will tax you. This nation belongs to you," PMO India tweeted quoting Modi.
The government has scrapped the Rs. 1000 and Rs. 500 notes with effect from Tuesday midnight to fight black money.
In unprecedented scenes, millions of people since Thursday morning thronged in front of banks across the country to deposit the now-invalid Rs. 500 and rs. 1000 notes.
The Government asked the people to deposit their Rs. 500 and Rs. 1000 notes in banks within a specific time frame and get smaller denominations in exchange.
It has also announced that deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner's income.
The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day period till Dec 30.
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