Big bang note ban impact: Rs 3 lakh cr deposited in 20 mn new accounts?

Big bang note ban impact: Rs 3 lakh cr deposited in banks?

Data from Financial Intelligence Unit (FIU) shows between November 15 and December 25, 2016 over 2 crore bank accounts were created and over Rs 3 lakh crore was deposited in them, reports The  Economic Times .

 Of the amount deposited, around Rs 50,000 crore were cash deposits, and Rs 3 lakh crore was non-cash deposits (cheques, drafts, etc).

The government asked for the FIU data to analyse the impact of demonetisation.

"The amount of money that has come back wouldn’t have come back even in the next five years,"  a senior official was quoted as saying by ET. The official said after two years, only 20 crore bank accounts under Jan Dhan were opened, but post demonetisation, “with no extra effort, we have seen around three crore new bank accounts getting opened in a month.” 

The income tax department is already armed with information about suspicious transactions from the Financial Intelligence Unit (FIU) about how much deposits have been made in dormant and Jan Dhan accounts, and urban cooperative banks.