Hyderabad: Citizens will loose their gas subsidy if they risk depositing other people’s money into their account. As per the regulations issued by the government following abolition of Rs. 500 and Rs. 1000 notes, one can deposit amounts below Rs 2.5 lakh up to December 30 but tax or penalty will be payable for depositing amount more than that.
Many black money holders in the state are coming up with innovative ways to legalize their stash. They are trying to lure poor and illiterate to deposit their unaccounted for money in banks. In return, they are offering attractive incentives to those who agree to put their money in their accounts.
However poor and middle class people are advised not to welcome trouble by accepting black money as it may land them into trouble. The government is giving them gas subsidy as they are living below poverty line, if they deposit money in their accounts their gas subsidy will be cancelled.
During the currency exchange process government will also identify such families whose deposits are more than 10 lakh annually. They will be declared ineligible for gas subsidy.