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Over 4 mn bank accounts could be dormant, suspects I-T department

CBDT spotlight on banks, dormant accounts that got sudden outflow during demonitisation

Shrimi Choudhary  |  Mumbai 

About 4 milion bank accounts have comes under the scrutiny of the income-tax (IT) department, as officials observed a sudden surge in deposits in these accounts after demonitisation. Prime Minister Narendra Modi announced the demonetisation of old Rs 500 and Rs 1,000 notes on November 8. The last date to deposit old notes in banks was December 30. According to the latest data, close to 6 million accounts each received more than Rs 2 lakh since November 8. Total deposit in these accounts was about Rs 7 lakh crore till December 30. Of these, balances in 0.7 million ...


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