Why scrapped notes are flying off to the northeast

November 24, 2016 09:44

Times of India reports: Money being flown from Haryana to Nagaland might seem like a truly bizarre way of trying to convert stashes of cash in old notes into legal tender , but it's not as illogical as it might sound.

India's income tax laws allow exemptions for various categories of incomes or individuals. These exemptions are apparently now being misused to covert black cash into white money.

Among those exempt from paying income tax are members of scheduled tribe communities in Nagaland, Manipur, Tripura, Arunachal Pradesh and Mizoram. Scheduled tribes in North Cachar Hills and Mikir Hills in Assam, the Khasi Hills, Garo Hills and Jaintia Hills in Meghalaya and Ladakh in Jammu & Kashmir also don't have to pay income tax.

The exemption applies to income arising from any source in these areas or from dividends or interest on securities from anywhere.

Read more HERE

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