Demonetisation effect: Rs 3-4 lakh crore evaded income in banks now

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Over two months after demonetisation move by the government of India, officials of the Income Tax Department have claimed that about Rs 3-4 lakh crore of evaded income has been deposited into banks. The deposits are being looked at as a result of demonetisation of old Rs 500 and Rs 1,000 notes by the Narendra Modi-led Bharatiya Janata Party government. The Income Tax Department is scrutinising details of the deposits according to officials.

Rs 3-4 lakh crore evaded income in banks

Over 60 lakh individual bank accounts saw a sum of more than Rs 2 lakh deposited since November 9. The official also added that over Rs 10,700 crore in cash has been deposited in different bank accounts in North-Eastern states since November 9. The same is being scrutinised. The IT department as well as the enforcement directorate officials are looking into deposits of over Rs 16,000 crore in cooperative bank accounts across the country. It can be recalled that the government had not allowed cooperative banks to exchange demonetised motes with new legal tender, a move that had been opposed by left parties. The IT department and ED's crackdown on cooperative banks had thrown up instances of large sums of money being deposited without documentation.

Income tax return filing deadline extended beyond July 31

The official also added that Rs 25,000 crore has been deposited into dormant bank accounts post-demonetisation and nearly Rs 80,000 crore has been used for repayment of loans done in cash post-demonetisation.

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