Govt suspects tax evasion in Rs 3-4-lakh crore deposits after note ban

As it analyses bank deposits after demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50-day window provided to get rid of junked Rs 500/1,000 notes.

A senior income-tax official has been asked to scrutinise details and send notices to depositors of Rs 3-4 lakh crore 

on which tax could have been evaded. “We now have trunkloads of data, analysis of which shows more than Rs 2 lakh was deposited in over six million bank accounts after demonetisation. The total amount deposited in these accounts is more than Rs 7.34 lakh crore,” he said.

More than Rs 10,700 crore cash was deposited in different accounts in the Northeastern states since November 9, 2016,  he said, adding the taxmen 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. Holders of the old currency were given the option to exchange or deposit them in bank accounts until December 30, 2016. “Starting from November 8, 2016, reports were called for from the banks based on different threshold of cash deposits. The reports were collated, based on Intelligence available in the government databases,” the official said.