In petrol pumps when were allowed to accept old currency notes in payments towards refueling of vehicles after demonetization demonetization.the income tax department for suspected to conversion of unaccountable cash for that some tax evaders to convert their undeclared cash money at the petrol pumps.
In November 8 the prime minister narendramodi suddenly move demonetized high value currency notes to avoiding black money the total value of the demonetization rs 1000 and rs 500 notes was at 1406 lakhs crore
The people are deposits huge cash in bank and the bank followed as people queued to trade their old worthless notes to convert into new ones issued by government.
however the recent survey by the income tax department involvement of petrol pumps in conversion of unaccountable cash. Btvi news said adding that the department has found that cash deposits in demonetized currency by certain petrol exceeded their sales by as much as 20%
The income tax department planning to action against LGP distributors CNG pumps in coming days because as to were accepting old currency notes from march 13 as the cash situation in the country returns normally with remonetisation.
The RBI strictly imposed withdraw limit after demonetization ensure maximum distribution of new currency notes in the constraint on printing and supplying of the currency.
