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Driver who deposited 7 crore sold Gold on Bicycle
By: Tupaki Desk | 26 Dec 2016 7:27 AM GMT
Income Tax Officials arrested a Hyderabad-based Cab Driver for depositing Rs 7 crore in denominations of scrapped Rs 500 and Rs 1000 notes in an State Bank of Hyderabad (SBH) branch. The driver bought 2 kg of gold by transferring the deposited amount to bullion merchant. Thereafter, He began selling gold biscuits to jewellery merchants and individuals by using a bicycle.
Even IT Sleuths were shocked to find out that the Cab Driver used bicycle instead of cab or any other vehicle to sell the gold bars. They nabbed him when he was riding a bicycle and seized gold bars in his possession.
IT Department is yet to register a case against the Cab Driver as he sought one week time to pay income tax under the Pradhan Mantri Garib Kalyan Yojana (PMGHY). Under this scheme, Black Money Holders will have to pay 50% of the undisclosed income as tax. While 25% can be withdraw now, Remaining 25% will be paid to the concerned person after four years without interest. This scheme is going to end by December 30th.
Even IT Sleuths were shocked to find out that the Cab Driver used bicycle instead of cab or any other vehicle to sell the gold bars. They nabbed him when he was riding a bicycle and seized gold bars in his possession.
IT Department is yet to register a case against the Cab Driver as he sought one week time to pay income tax under the Pradhan Mantri Garib Kalyan Yojana (PMGHY). Under this scheme, Black Money Holders will have to pay 50% of the undisclosed income as tax. While 25% can be withdraw now, Remaining 25% will be paid to the concerned person after four years without interest. This scheme is going to end by December 30th.
