People depositing small amounts will not be harassed
Finance Minister Arun Jaitley on Thursday clarified that depositors of small amounts of cash – housewives, workers, artisans – will not be harassed by income tax officials. “There is an Indian tradition to keep cash at home for contingencies and small deposits under the tax exempt limit can be made in banks,” Jaitley said in a press conference. “Large depositors will have to face accountability under existing tax laws,” he added.
The Finance Minister said that no new laws for penalising large depositors are being contemplated. Finance Ministry officials including the Revenue Secretary Hasmukh Adhia, Economic Affairs Secretary Shaktikanta Das and the Chief Economic Adviser Arvind Subramanian held a press conference in New Delhi to field questions about the demonetization, in which the government withdrew legal tender status to bank notes of denomination Rs 500 and Rs 1,000 .
They are being replaced with new bank notes of 500 and 2,000 rupee value. The step is to smoke out black money and counterfeit currency, Prime Minister Narendra Modi said on November 8.
Finance Minister Arun Jaitley on Thursday clarified that depositors of small amounts of cash – housewives, workers, artisans – will not be harassed by income tax officials. “There is an Indian tradition to keep cash at home for contingencies and small deposits under the tax exempt limit can be made in banks,” Jaitley said in a press conference. “Large depositors will have to face accountability under existing tax laws,” he added. 
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