Though it is unbelievable, there is no information about black money holders in Meghalaya as neither the State Bank of India nor the Income Tax department here has detected any transactions which are alarming, since the night of November 8 following the demonetisation announcement of Prime Minister Narendra Modi.
No black money
The senior officials of SBI and Income Tax department revealed on Friday that they had not received any reports related to exchange of cash and deposits beyond the permissible and taxable limit.
However, they said that still there is time till December 30 to exchange the old Rs 500 and Rs 1,000 currency notes by those who still hold on to them fearing action.
‘Our role comes into picture only after December 30 when the exchange of old Rs 500 and Rs 1,000 currency notes with the banks will come to an end,’ a senior Income Tax official said on Friday.
However, a top SBI bank official admitted that traditionally, the people of Meghalaya have a tendency to keep the cash in their homes instead of depositing them in the banks.
‘There is no problem in keeping cash at home, but if there are any queries from the bank, this traditional practice can be explained and what is important is to reveal the source of income,’ the official added.
Moreover, the banks in the State are yet to come across anyone depositing fake Indian currency notes as the officials associated with various banks believe that the restriction on the use of Rs 500 and Rs 1,000 notes has deterred those who have fake currencies from coming forward.