The PM has said the party MPs and MLAs must submit the said information by January 1, 2017, as per media reports.
Although the move would serve as a body blow to black money hoarders, it was, at the same time, also seen as an election gimmick. Assembly elections in several states are scheduled next year.
Modi’s directions came as the government proposed new tax rules for those who surrender black or untaxed money by the year-end. About 50% of the disclosed amount will be penalised and taxed, while 25% of the amount will be placed in a welfare and development schemes with no interest paid for four years to the owner and the remaining amount will be made available to the owner for his/her use.
Before November 8, select Bharatiya Janata Party (BJP) leaders and friends were informed about demonetisation and on November 26, the Opposition disrupted proceedings in both Houses, which resulted in the Lok Sabha and the Rajya Sabha being adjourned prematurely.
To show his commitment to crackdown on tax evasion and corruption, Modi has ordered all BJP lawmakers to submit details of their bank records from November 8 to December 31.
Though the government has flatly denied informing certain industrialists, but the opposition points to a land-buying spree undertaken by the BJP in Bihar before November 8.
The PM’s reform, praised as audacious, has, however, been flayed for flawed execution. There isn’t enough cash to replace the notes withdrawn which formed as much as 86% of the currency in circulation.
The opposition has attacked the government for plunging rural India into a cash crisis where most of the population is excluded from formal banking. The government has responded with special packages for farmers of loans and credit.