I-T pressure prompted many to opt for PMGKY

The pressure built up by the income tax department post-demonetisation prompted those under scrutiny to opt for the Pradhan Mantri Garib Kalyan Yojana (PMGKY). This was found out after the Pune Investigation Directorate conducted surveys and searches.

A number of co-operative banks were also suspected of converting black money into white, during the demonetisation drive from November 8 to December 30.

Over the past two days, the Pune investigation directorate conducted surveys on 37 jewellers in 16 cities across Maharashtra and detected serious irregularities.

"Many people covered in these intrusive actions reportedly opted for PMGKY," a senior income tax official told ANI.

Similarly, during the investigation by Hyderabad Directorate, an I-T official found subtantial evidence against film producers, doctors and jewellers who made huge deposits of unaccounted money. A prominent jeweller deposited cash exceeding Rs. 100 crore in old notes of 1000 and 500. During investigation, he claimed the source of cash as advances from more than 5,200 customers to who sales were made at the night of November 8.

His claim was eventually found wrong.

An FIR was filed with the local police and the matter was also reported to Enforcement Directorate.

In another case, a doctor's bank account showed huge cash deposit of Rs. 11.50 crore. The doctor admitted that the cash was out of unexplained sources. The available balance of Rs. 7.5 cr was seized.

Another investigation showed cash deposit of Rs. 40 crore by a person, stated to be a film producer. Investigation revealed that he was not filing his returns of income regularly.

The I-T department is now stepping up to mount pressure to ensure that black money holders do not go scot free. The government is also said to have barred co-operative banks from accepting deposits under the amnesty scheme.