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Loans worth Rs 80k crore repaid since demonetisation: IT Dept

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 10 Jan 2017 11:22 AM GMT

Loans worth Rs 80k crore repaid since demonetisation: IT Dept
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New Delhi: The Income Tax department on Tuesday announced that loans worth around Rs 80,000 crore were repaid in cash after implementation of Prime Minister Narendra Modi government's anti-graft policy of demonetisation.

The IT department has claimed that deposits worth at least Rs 25,000 crore were recorded in dormant bank accounts since the note ban was imposed on November 8, 2016.

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The Income Tax department and the Enforcement Directorate have also disclosed that they are examining the deposits of over Rs 16,000 crore in different cooperative bank accounts. The IT sleuths claimed that after the scrapping of the higher denomination currency notes of Rs 500 and Rs 1,000, more than Rs 10,700 crore had been deposited in various bank accounts in the Northeastern states of the country.

"Since November 8, 2016, the IT department has called for various reports from the banks on the basis of 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.

Post demonetisation, deposits of over Rs 2 lakh have been recorded in over 60 lakh banks accounts across the country. IT sleuths claimed that the department is scrutinizing details of such accounts as Rs 3-4 lakh crore of evaded income had been deposited in the banks.

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"We now have trunkloads 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," said an official.

The official added, the concerned law enforcement agencies have been informed about the cash deposits in terror affected states, and appropriate action have also been taken in such cases.

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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