The government on Tuesday found that an estimated ₹3-4 lakh crore of tax-evaded income could have been deposited during the 50-day window provided to get rid of junked ₹500 and ₹1,000 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 ₹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 ₹10,700 crore in cash was deposited in different accounts in the North Eastern states since November 9, he said, adding that the Income Tax Department and the Enforcement Directorate are looking into over ₹16,000 crore deposited in different accounts of cooperative banks.
Also, it has come to light that ₹25,000 crore cash was deposited in dormant bank accounts while nearly ₹80,000 crore of repayment of loans was done in cash since November 8, 2016 when the government demonetised old ₹500 and ₹1,000 notes.
Holders of the old currency were given an option to exchange or deposit them in bank accounts until 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.
After an in-depth analysis, these reports have been disseminated to Income Tax Department, the Enforcement Directorate (ED) and other law enforcement agencies.