Tax Evasion Suspected In Rs 3-4 Lakh Cr Deposit Post Note Ban

The Income Tax department has unearthed a black money racket of over Rs 1,550 crore and a maze of shell firms and entities, perpetrated by entry operators and hawala dealers in the wake of demonetisation.

- Joyeeta Dey

As it analyses bank deposits post- demonetisation, the government has found that an estimated Rs 3-4 lakh crore of tax-evaded income could have been deposited during 50- day window provided to get rid of junked Rs 500/1000 notes. A senior official said Income Tax Department has been asked to scrutinise details and send notices to depositors of of Rs 3-4 lakh crore on which tax could have been evaded.

“We now have trunk loads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than 7.34 lakh crore,” he said. More than Rs 10,700 crore cash was deposited in different accounts in the North Eastern states since November 9, he said adding the Income Tax Department and the Enforcement Directorate are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks.

Also, it has come to light that Rs 25,000 cr cash was deposited in dormant bank accounts while nearly Rs 80,000 cr of repayment of loans was done in cash since November 8, 2016 when the government demonetised old 500 and 1000 rupee notes. Holders of the old currency were given an option to exchange or deposit them in bank accounts untill December 30.

“Starting from November 8, 2016 various reports were called for from the banks based on different threshold of cash deposits made by different categories of persons. The reports were collated and analysed based on intelligence which has been available in the Government data bases,” the official said.