Source: News Bharati English10 Jan 2017 16:01:55

New Delhi, January 10: According to Income Tax department, nearly Rs 3-4 lakh crore of evaded income has been deposited in banks post demonetisation, the drive that began two months ago to curb corruption, black money and terrorism. Therefore IT will now examine all bank accounts as it suspects the unaccounted cash deposited.
According to PTI, an IT official revealed the data of the deposits made in banks post demonetisation. IT official said that more than Rs 2 lakh deposited in over 60 lakh bank accounts post demonetisation. Whereas, around Rs 80,000 cr of repayment of loans done in cash post demonetisation.

Official further revealed that so far, Rs 25,000 cr deposited in cash in dormant bank accounts post demonetisation. On the other side, more than Rs 10,700 cr cash deposited in different bank accounts in North Eastern states since November 9.

Importantly, IT official also revealed that more than Rs 16,000 crore deposited in different accounts of cooperative banks. Nearly Rs 80,000 cr of repayment of loans are done in cash post demonetisation.

Interestingly, the cash deposit through various modes was so high that now IT department is further going to examine all the deposits made into the banking system post demonetisation. Therefore, IT and ED has asked all the banks to report cash deposits in savings accounts between April 1 and November 9, 2016. According to the notification issued, it is mandatory for banks, cooperative banks and post offices to report all cash deposits to the Income Tax department between April 1 to November 9, 2016.

IT official said, "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 7.34 lakh crore.”

More than Rs 10,700 crore cash was deposited in different accounts in the North Eastern states since November 9, he said adding the Income Tax Department and the Enforcement Directorate are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks.

The official also said that the cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore, are found to have common PAN, mobile number or address. The same will also be investigated by Income-Tax Department. Describing about the in Pradhan Mantri Jan Dhan Yojana (PMJDY) IT official said that the cash deposits of more than one lakh rupees is also under survillence.

Interestingly, Prime Minister Narendra Modi sent shock waves across the nation by his surprise announcement of scrapping Rs 500 and Rs 1000 notes on November 8. Since then, an estimated about Rs 15 lakh crore in junked currency notes have come back into the banking system.