Collection in banks statewide totalled Rs. 17,000 cr. during this period
Deposits above Rs. 80 lakh made by individuals in banks across the State from November 9 to December 30, 2016, totalled Rs. 17,000 crore, according to the Income Tax department. These deposits are now being examined by the department which says that the total amount is expected to increase by January-end.
Banks across the State, including cooperative banks, have been asked to furnish reports of deposits above Rs. 2.5 lakh for savings accounts and Rs. 12.5 lakh for current accounts during the period from November 9 to December 30 immediately post the demonetisation of Rs. 500 and Rs. 1,000 notes . The last date for these reports is January 31. “We have examined deposits for Rs. 17,000 crore. However, with smaller deposits being reported, this number will increase,” said R. Ravichandran, Director of Income Tax (I and CI), Bengaluru.
He was speaking at a workshop organised for bankers to help them understand the e-filing process for these reports. “These reports will have details like PAN or Aadhar number to help us identify the depositors. We are using data mining methods to ensure that those who have deposited less than the Rs. 2.5 lakh limit multiple times and have crossed this threshold will also be reported,” he said.
The I-T department has also asked banks to furnish details of these accounts in the period between April 2016 and November 8 in order to compare the transactions with those made post the announcement. “Some businesses have been showing an abnormal turnover by depositing old cash. In case of Jan Dhan and dormant accounts also there are instances of misuse. We will take action against this kind of misuse under the Benami Transaction Act,” Mr. Ravichandran added.
