AGARTALA, Feb 1 (TIWN): ‘Demonetization’, which had become the biggest issue for the Congress, CPI-M and as well as Trinamool to hit the Central Govt, have successfully covered 1.3 cores of bank accounts with more than 2 lakhs of deposited money. It reveals a huge amounts of tax free cash-stocks were occupying by a certain section of people, but with demonetization, via the bank accounts have disclosed the undisclosed wealth, which will directly help the market and can be used for various investments. Not only this, the accounts will be verified and the account holders will be noticed if any mismatch of account is found. During the budget session Arun Jailty said, “8 November to 30 December (demonetization period), deposits between Rs2 lakh and Rs80 lakh were made in 1.09 crore bank accounts”.

“India largely a tax non-compliant country. Due to demonetization, advance tax on personal Income tax increased by 34.8%. We are committed to make taxation rates reasonable. This approach will change the colour of money”, Jaitley added.

With the 50 day’s completion of demonetization, along with the whole nation Tripura Pradesh Congress also placed Rahul Gandhi’s a set of question before the BJP Govt. Among the questions the most important  questions was   From 8^th November what’s the report of Black-Money collection?  

CPI-M and Trinamool also placed the same question. The oppositions claimed that no black money has been recovered from this  demonetization; this was just a show off by the Modi Govt to hide his failure in black-money collection. 

However, finally the amount has been disclosed with the 4^th Union budget declaration.  Moreover the RBI to launch electronic bonds. All these will bring an effect on the income tax as well as revenue collection.