- Over Rs 2 lakh was deposited in over 60 lakh accounts, the official said
- Income Tax Department is scrutinising details
- It is sending notices on which tax could have been evaded
A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded. (Also read: Tax collection up after demonetisation)
"We now have trunk-loads 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," he said.
More than Rs 10,700 crore in cash was deposited in different accounts in the North Eastern states since November 9, he said, adding that the Income Tax Department and the Enforcement Directorate are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks.
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 Rs 500 and Rs 1,000 notes. (Also read: Jan Dhan account deposits double)
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
After an in-depth analysis, these reports have been disseminated to 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 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 to I-T Department," he said, adding that the details of cash deposits totalling to more than Rs 10,700 crore in different accounts in the North-Eastern states have also been disseminated.
Also, the Income Tax Department and Enforcement Directorate (ED) have been provided with the details of cash deposits of more than Rs 16,000 crore in different accounts of various kinds of cooperative banks.
Deposits of more than Rs 13,000 crore in regional rural banks have also been disseminated.
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.