It's Election Time - Don't Carry cash more than Rs. 50,000/-
IT seems the Income Tax Department is gearing up to handle all that black money to be circulated during elections. A senior Income Tax Officer is said to have stated that as per the Election Commission guidelines, any person carrying more than Rs. 50,000 cash or bullion for his personal or business use till the Model Code of Conduct is in force is required to carry ID proof, address proof, documentary evidence of its source and its end use so that it can be produced before the authorities if required.
Income Tax Department is all set to collect a handsome booty.