I-T dept on blackmoney crackdown: Evaded income of Rs 3-4 lakh crore deposited in banks post demonetisation

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New Delhi | Updated: January 10, 2017 1:19:37 PM

Income Tax department had today declared that nearly Rs 80,000 crore of loans in cash had been repayed post the implementation of the anti-graft policy.

The I-T department and the Enforcement Directorate had also stated that they are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks. (Reuters)The I-T department and the Enforcement Directorate had also stated that they are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks. (Reuters)

As the central government geared up to crackdown the flow of black money in the country, following the initiation of the demonetisation policy implemented by Prime Minister Narendra Modi on November 8, last year, the Income Tax department has today declared that nearly Rs 80,000 crore of loans in cash had been repayed post the implementation of the anti-graft policy. The I-T department has further confirmed that at least Rs 25,000 crore had been deposited in cash in dormant bank accounts post demonetisation.

The I-T department and the Enforcement Directorate has also stated that they are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks. Officials confirmed that, following the ban on old currency notes of higher denominations, over Rs 10,700 crore had been deposited in different bank accounts in the Northeastern states of the country.

“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.

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As the Narendra Modi-led central government had imposed the ban on notes, thereby introducing new currency notes, there had been a deposit of more than 2 lakhs in over 60 lakh bank accounts in the country. Official had asserted that the Income Tax department are scrutinizing details as Rs 3-4 lakh crore of evaded income had been deposited in the banks.

“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,” said an official.

Besides, “cash deposits in terrorist affected states have also been disseminated to the concerned law enforcement agencies and appropriate actions have been taken in such cases,” he said

(With inputs from agencies)

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