Misuse of bank account to park black money will invite action

The government said on Friday it will monitor bank accounts, especially those 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 – especially marginal and poor people – threatens to derail the aim of a shock recall of high-value currency last week. Action will be taken against the person depositing the money and the account holder.