Finance Ministry today clarified that old currency deposits in bank accounts by any entity will be monitored and each case will be dealt as per law applicable in that case.
Amid reports that deposits by political parties is exempted from Income Tax, a Finance Ministry spokesperson said, "Any individual, or anybody including political parties, organisation can deposit any amount of old currency notes in their respective accounts but that does not mean it would be exempted for Income Tax Act automatically. Each case will be dealt as per law applicable in that case".
Disclaimer: No Business Standard Journalist was involved in creation of this content
