Rs 21,400 crore in 'inoperative accounts' under tax lens

Bank accounts inoperative for many years witnessed huge deposits post demonetisation

Prime Minister Narendra Modi exhorted in his independence Day speech that his government was investigating bank deposits worth Rs 1.75 lakh crore post demonetisation. While deposits in Jan Dhan accounts are already under the scanner, Income Tax investigators are also training their guns on deposits made in dormant and inoperative bank accounts in the weeks following the note ban. 

The Reserve Bank of India (RBI), in a recent memo authored by Bhupal Singh and Indrajit Roy, estimated that between September and October 2016 just about Rs 2,830 crore had been deposited in such inoperative accounts held in 52 banks. 

However, between