Rs 87,000 crore deposits into Jan Dhan accounts keeps taxman busy

In the wake of large-scale deposits in Jan Dhan accounts post-demonetisation, officials of the Income Tax department are busy scrutinising these accounts.

New Delhi, Jan 2: The taxman has his work cut out with deposits into Jan Dhan accounts touching Rs 87,000 crore following the November 8, 2016, decision on demonetisation. There are over 48 lakh accounts that are under scrutiny.

Post the decision on demonetisation, the number of deposits surged. However, later on there was a dip, officials say. While scrutinising the accounts, officials found that deposits of Rs 30,000 to Rs 50,000 into 4.8 lakh accounts amounted to Rs 2,000 crore.

The inflow into these accounts was the highest in the first week after the announcement was made. Week one alone saw Rs 20,224 crore being deposited into Jan Dhan accounts.The deposits gradually reduced after that to Rs 5,000 a week.

The taxman has his task cut out and is verifying each and every account carefully. "Not all deposits appear to be genuine in nature. Some deposits are exceptionally large and it is clear that these accounts were being used by black money hoarders. We are checking information relating to such deposits and if we find that the accounts belong to someone else then the strictest possible action will be taken," an officer informed.

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