Epic Indian Rupee Update
The lower middle class and rural population may have been the
worst hit by demonetisation, but black money holders too suffered in the
process, says the Survey.
It concedes that there was heavy laundering of money by those with
undisclosed wealth, using schemes like back dated receipts among others.
“In all these cases, black money holders still suffered a
substantial loss, in taxes or “conversion fees”. Moreover, bank accounts
are still being screened for suspicious transactions, which means that
those who engaged in laundering run the risk of punitive taxes and
prosecution, in addition to the fees or taxes already paid,” the Survey
noted.
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