FOR MISUSE, ACCOUNT HOLDERS TO BE PUNISHED
NEW DELHI: The government said it will monitor bank accounts, especially those of artisans, workers, housewives and the poor, and prosecute anyone allowing the parking of illegal wealth of others. The finance ministry decision came after numerous reports that unscrupulous elements were using such accounts to stash “black money”. Experts say this practice of using surrogates threatens to derail the aim of a recall of highvalue currency last week.
The ministry will also monitor zero-balance accounts opened under the Jan Dhan scheme after a surge in the deposits of many of such accounts. “These will be scrutinised very carefully,” a senior finance ministry official told HT. Action will be taken against the person depositing the money and the account holder.