Unaccounted deposits may face 50% tax, 4 year lock-in
The government may propose a minimum of 50% tax on unexplained bank deposits made using banned currency until December 30 and a 4-year lock-in for one-fourth of these deposits, reports said. While this structure will apply to voluntary disclosures, the tax and penalty could be as high as 90% of the amount in case the deposits are not declared voluntarily.