https://www.taxtmi.com/news?id=16810 Deposits of demonetised high denomination currency into bank accounts do not confer tax immunity; the law applies to the source of such funds. Legitimate, previously disclosed savings need not worry, but illegal proceeds, crime money or bribes will face disclosure requirements and enforcement. The deposit route enables exchange for new notes but is not relief from taxation; the policy aims to increase tax compliance, digital transactions, and the formalisation of the economy. en-us Wed, 09 Nov 2016 14:39:28 +0530 Wed, 09 Nov 2016 14:39:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=16810 Deposits of demonetised high denomination currency into bank accounts do not confer tax immunity; the law applies to the source of such funds. Legitimate, previously disclosed savings need not worry, but illegal proceeds, crime money or bribes will face disclosure requirements and enforcement. The deposit route enables exchange for new notes but is not relief from taxation; the policy aims to increase tax compliance, digital transactions, and the formalisation of the economy. News - Wed, 09 Nov 2016 14:39:28 +0530 https://www.taxtmi.com/news?id=16810