TN man deposits Rs 246 crore banned notes under PKMGY

Cheni, March 26: A businessman from Tiruchengode at makkal district in Tamil du got into legal trouble after depositing Rs 246 crore cash at an Indian Overseas Bank branch, said reports. IT officials were quoted as saying that the man (whose me has not been revealed) was being tracked for 15 days after he deposited the case in demonetised currency notes. Though he tried to hide, after a fortnight he agreed to join the Pradhan Mantri Garib Kalyan Yoja (PMGKY) and pay 45% of the total money as tax. More than 200 individuals and companies have deposited around Rs 600 crore in uccounted money in various bank accounts in Tamil du and Puducherry after demonetisation. “Most of them have joined the PMGKY scheme, which comes to an end on March 31. We hope the total uccounted money will go up to Rs. 1,000 crore before the month end. We are also warning people who are still not on board that the heat will increase from April 1,” an IT official was quoted as saying. Under PMGKY, people with uccounted money can deposit it in cash, cheque, demand draft or through the electronic route in any bank accepting direct tax payments. (ians)