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Cash deposits of Rs 2.89 lakh crore post demonetisation under radar: I-T dept

By Newsd
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BJP MPs stall demonetisation draft report by Parliamentary Committee
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The Central Board of Direct Taxes (CBDT) on Thursday said that cash deposits of Rs 2.89 lakh crore, deposited after demonetisation, is under the radar of the income tax department.

As many as 9.72 lakh persons have deposited the stated cash in 13.33 lakh accounts, the department said.

Around 14,000 properties of over Rs 1 crore each are also under scrutiny by the taxmen, as owners have not filed income returns.

The RBI’s annual report on Wednesday revealed that as much as ₹15.28 lakh crore of the high-value currency, that was demonetised in November last year, has returned to the apex bank.

The central bank was under intense scrutiny since January, following the window for depositing the withdrawn ₹500 and ₹1,000 banknotes had closed, for details on the extent of currency that was returned to the RBI in the wake of the government’s sudden decision of demonetisation, that was targeted at combating counterfeiting, black money and the financing of terrorist activities.

Finance minister, Arun Jaitley, on Wednesday said that the confiscation of money was never the objective of the demonetisation exercise.

“That people have been compelled to deposit even black money into banks is itself a good evidence of its [success]”, he said.

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