?3-4 L cr of evaded income deposited in banks after note ban
The government has found that an estimated ?3-4 lakh crore of tax-evaded income have been deposited during the 50-day window provided till December 30 to get rid of scrapped ?500 and ?1,000 notes. Reportedly, the Income Tax Department has been asked to scrutinise details and send notices to depositors of the money on which tax could have been evaded.
As it analyses bank deposits post demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during the 50-day window provided to get rid of junked Rs 500, 1000 notes.A senior official said the income tax department had been asked to scrutinise details and send notices to depositors of Rs 3-4 lakh crore on which tax could have been evaded."We now have truckloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than Rs 7.34 lakh crore," he said.More than Rs 10,700 crore cash was deposited in different accounts in the northeastern states since November 9, he said adding that the income tax department and the Enforcement Directorate were looking into over Rs 16,000 crore deposited in different accounts of cooperative banks.25,000 CRORE CASH DEPOSITED IN DORMANT BANK ACCOUNTS   Also, it has come to light that Rs 25,000 crore cash was deposited in dormant bank accounts while nearly Rs 80,000 crore of repayment of loans was done in cash since November 8, 2016 when the government demonetised old 500 and 1000 rupee notes.Holders of the old currency were given the option to exchange or deposit demonetised notes in bank accounts until December 30.Also read | Demonetisation: Manufacturing industry lost 30 per cent jobs and 55 per cent revenue, says AIMO  "Starting from November 8, 2016, various reports were called for from banks based on different threshold of cash deposits made by different categories of people. The reports were collated and analysed based on intelligence, which has been available in the government database," the official said.After an in-depth analysis, these reports have been disseminated to the income tax department, the Enforcement Directorate (ED) and other law enforcement agencies.Of the 60 lakh bank accounts that saw cash deposits worth more than Rs 2 lakh, over 6.80 lakh accounts have found matches in the existing database of various reports available with the government.I-T DEPT BRIEFED ON CASH DEPOSIT DETAILS"These have been flagged while disseminating to I-T department," he said adding the details of cash deposits totalling to more than Rs 10,700 crore in different accounts in the northeastern states had also been disseminated.Also, the income tax department and the ED have been provided with details of cash deposits of more than Rs 16,000 crore in different accounts of various kinds of Cooperative banks.Also read | Demonetisation: Parliament panel may summon PM Modi if RBI's reply not satisfactoryThe deposits of more than Rs 13,000 crore in Regional Rural Banks have also been disseminated.