NEW DELHI, Jan 30 - Initiating a stringent action against black money holders post notes ban, the Income Tax department today said it has issued 87 notices and attached bank deposits worth crores of rupees in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum seven years.
Post the demonetisation order of the government on November 8 last year, the department had carried out public advertisements and had warned people against depositing their unaccounted old currency in someone else�s bank account, saying such an act would attract criminal charges under the Benami Property Transactions Act, 1988, applicable on both movable and immovable property, that has been enforced from November 1, 2016. � PTI
