One year of demonetisation: I-T scanner on 80,000 cases for huge deposits

Soon after demonetisation, the I-T department had launched the first phase of Operation Clean Money, which began on January 31 and ended on February 15

A year since demonetisation of high-value currency notes, the income-tax (I-T) department has identified 80,000 “actionable cases” (people) who deposited cash of over Rs 10 lakh each in bank accounts but have no tax profile. 

This is the new addition to the tax data, which had identified over 600,000 people for scrutiny over huge inconsistencies in the cash deposits made during the period under the two phases of Operation Clean Money — an exercise to identify black money stashed in the form of cash deposits in banks. 

According to sources, the I-T department has sought explanations from these 80,000 people