Black money to be allowed as bank deposits
Black money can be invested in cash, bank deposits, financial schemes and instruments, and all other kinds of deposits, saving deposits, saving instruments or certificates but subject to10 percent tax
For the first time, the government proposed injecting black money in banks to help the sector amid the ongoing liquidity pressure and burden of stimulus package and high bank borrowing.
Through this, the banking sector is likely to get a boost in deposit as the government allowed black money investments.
In the proposed budget for FY2020-21, Finance Minister AHM Mustafa Kamal proposed to allow investing black money in all financial schemes and instruments.
In that case, black money can be invested in cash, bank deposits, financial schemes and instruments, and all other kinds of deposits, saving deposits, saving instruments or certificates but subject to10 percent tax.
