As it analyses bank deposits post demonetisation, the Union government has found that an estimated Rs. 3-4 lakh crore of tax evaded income were deposited during the 50-day window provided to get rid of the junked Rs. 1,000 and old Rs. 500 notes.
A senior official said the Income Tax Department was asked to scrutinise details and send notices to the depositors of the Rs. 3-4 lakh crore on which tax could have been evaded.
“We now have trunkloads 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 in 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.
Also, it had come to light that Rs. 25,000 crore in 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 demonetisation was announced.
Holders of the old currency were given an option to exchange or deposit them in bank accounts until December 30.
“Starting from November 8, 2016, various reports were called for from the banks based on different threshold of cash deposits made by different categories of persons. The reports were collated and analysed based on intelligence, which has been available in the Government data bases,” the official said.
After in-depth analysis, these reports were disseminated to the Income Tax Department, the Enforcement Directorate (ED) and other law enforcement agencies.
Of the 60 lakh bank accounts that saw more than Rs 2 lakh of indidual cash deposits, more than 6.80 lakh accounts have found matches in the existing database of various reports available with the government.
“These have been flagged while disseminating them to the I-T Department,” he said. Details of cash deposits totalling to more than Rs 10,700 crore in different accounts in the Northeastern States have also been disseminated.
Also, the I-T Department and the ED have been provided with details of cash deposits of more than Rs 16,000 crore in cooperative banks.
The deposits of more than Rs. 13,000 crore in Regional Rural Banks have also been disseminated.
Besides, “cash deposits in terror affected States have also been disseminated to the law enforcement agencies concerned and appropriate actions have been taken in such cases,” he said.
Published - January 10, 2017 01:08 pm IST
