News18.com
First published: January 10, 2017, 1:08 PM IST | Updated: 8 mins ago
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New Delhi: The Income Tax Department suspects that nearly Rs 3-4 lakh crore of evaded income has been deposited in banks post the demonisation drive that began two months ago and is scrutinising the details, PTI reported quoting an official.
Reports indicate that nearly 95%-97% of the Rs 15.44 lakh crore that was demonetized on November 8 is back in the banking system. The expectation of the government is that even assuming that 20% of this amount was black money, it would be extinguished because it would not be returned.
Out of the total currency demonetized, there are indications that only around Rs 14,000 lakh crore is back in the formal banking system. Hence, the Income Tax Department suspects that some portion of the returned currency may be unaccounted cash.
The IT department also suspects that more than Rs 2 lakh crore was deposited in over 60 lakh bank accounts post-demonetisation and that around Rs 10,700 crore cash was deposited in bank accounts in north eastern states, some of which are exempt from paying income tax.
The income tax department, along with the enforcement directorate is also looking into over Rs 16,000 crore deposited in cooperative banks, PTI reported.