New Delhi, January 13. A Central government senior official said that an estimated Rs 4 lakh crore of tax evaded income was deposited in various bank accounts post demonetization.
He said this amount was deposited during the 50-day window provided to deposit scrapped notes after November 8.
The government handed over cash details to Income Tax Department and asked it to scrutinise details and send notices to tax evaders.
According to estimations, more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetization. The total amount deposited in these accounts is more than Rs. 7.34 lakh crore, according to official sources.
More than Rs. 10,700 crore in cash was deposited in different accounts in the Northeastern States and Rs 16,000 crore deposited in different accounts of cooperative banks.
Also, it had come to light that Rs. 25,000 crore in cash was deposited in dormant bank accounts while nearly Rs. 80,000 crore of repayment of loans was done in cash since November 8 last year, when demonetization was announced.
After in-depth analysis, these reports were disseminated to the Income Tax Department, the Enforcement Directorate (ED) and other law enforcement agencies.
Cash deposits in terror-affected States have been disseminated to the law enforcement agencies concerned and appropriate actions have been taken in such cases, the senior official said.
He said cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore, are found to have common PAN, mobile number or address. The same would be looked into in detail by the Income-Tax Department. The officials are also gathering information about Jan Dhan deposits.
The government has focused on cash deposits post demonetization and will soon issue notices to the depositors. The officials observed this will bring the black money holders into light.