Deleted member 118788
this this is probably not intended for reliance.
this is for professionals (doctors / advocates / private tutors / self employed ) & middle/ lower tier businessmen, who serve their clients without registering official transactions & dont bother paying the income / service taxes. Also for all the jaali notes, as , when bank will retrieve the notes, they will check for all sort of jaali notes.
i heard only 2% of indian working population pays income tax. but it's hard to believe only that small percentage of people actually have enough income to reach tax slabs.
anyways, whoever stored raw black money in their secret trunks & under their beds will either loose the money now, will have to make them white by paying fines.
but this is hardly the permanent solution. after 2 years market will be flooded by black cash money again.
Such professionals do not keep black money as cash anywhere. These guys are enough educated about the consequences of black money cash. They have already invested such cash by buying gold in multiple transactions or property. There are many more ways as you know.