Rs 2.89 trillion deposited in banks are under IT scanner.

 

Utkal Reporter bureau|1 September 2017

The Income Tax (IT) Department of India is tracking Rs 2.89 trillion deposited in the Banks. These amount is deposited in 13.33 lakh bank accounts of 9.72 lakh people.The Ministry of Finance in a release of its on Thursday  has mentioned the figure as an obvious reference to substantiate the success of the last year’s demonitisation move by the Central government.

The statement says Demonitisation is an important step in the government of India’s concerted drive against black money.

Demonitisation, the Modi government’s adventure to extinguish black money in India has attracted severe criticism after the Reserve Bank of India revealed in its annual report that 99% of the money scrapped in the process had come back to the banking system.

Union Finance Minister Arun Jaitely in a media conversation after the RBI report, said,” the money got deposited in Banks does not make it legitimate money.”

“People have found ways and means, legitimate or otherwise to get money into the Banking system irrespective of consequences they will face.” added Mr.Jaitely.

As per the Finance Ministry’s release, the IT Department is working on suspecious 14000 properties of more than one Rs 1 crore each, in addition to the Rs 2,89 trillion deposited in the bank as part of its Operation Clean Money move.

The demonitisation data have supported in rise of enforcement actions Admission of undisclosed income has increased from Rs11226 cr to 15496 cr-an increase by 38%. Similarly undisclosed income detected has increased from Rs9654 cr to Rs13920 cr marking 44% jump.

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