To signal his commitment to his crackdown on tax evasion and corruption, Prime Minister Narendra Modi has ordered all his party's lawmakers to submit details of their bank records from November 8, when he announced a ban on high-denomination notes to December 31, which is the deadline for submitting the outlawed notes.
All parliamentarians and state legislators from the ruling BJP will have to share their bank transactions for this period with party chief Amit Shah.
PM Modi's instructions come as the government has proposed new tax rules for those who surrender black or untaxed money by the end of the year. 50% of the amount that is disclosed will be penalized and taxed, 25% will be placed in a for four years with no interest paid to the owner in a special fund for welfare and development schemes, and the remaining 25% will be made available to the owner for immediate use.
Original Source: http://bit.ly/2grgnDa
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