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ITDepartmentasksbanksandpost
officesfordetailsofhighvaluedeposits
ByAtmadipRay,ETBureau|Nov25,2016,12.14AMIST

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READMOREONNarendraModi|Kolkata|IncomeTax|Demonetisation

KOLKATA:AfterafortnightofPrime
MinisterNarendraModisaggressive
demonetisationmove,andahairraisingRs
21000croreofdepositsslippingintopoor
mansJanDhanaccount,theincometax
departmentisgettingreadytotakestrict
actions.

Ithasstartedsendingmissivetobanksand
postofficestosubmitdetailsofhighvalue
CashdepositsaggregatingtoRs12.5lakhormoreincurrent
cashdepositsinbankstakingplaceafter
accountswillalsoscrutinised,aseniorofficialinincometax
theannouncementofdemonetisation
departmentsaid.
scheme.Thedepartmentisplanningtouse
dataanalyticstoolstoexaminethe
investmentandconsumptionpatternofpeopledepositingRs50,000ormoreinasingle
day.

PeoplewhowilldepositatotalofRs2.5lakhbetweenNovember10andDecember30
thisyearwillalsobeunderITscanner.CashdepositsaggregatingtoRs12.5lakhor
moreincurrentaccountswillalsoscrutinised,aseniorofficialinincometaxdepartment
said.

BanksandpostofficeshavetofurnishPANdetailsofsuchtransactions.Wehavelearnt
thatseveralbranchesmaynotcollectedPANdetailsfordepositsoverRs50,000.They
havetochasethedepositorsandgetthePANdetailsandinformus,theofficialsaid,in
theconditionofanonymity.

Thegovernmenthaskeptthedeadlineforbanksforfurnishingthestatementoffinancial
transactionbyJanuary31,nextyear.

TwobanksinKolkataconfirmedthereceiptofincometaxnoticewhichcamefromthe
intelligenceandcriminalinvestigation.

Whilethedemonetisationschemeaimedatwipingoutunaccountedmoneyfromthe
system,awhoppingRs21000crorehasreportedlybeendepositedinRs500andRs

1000notestoturnblackmoneyintowhite,followingthebigannouncementonNovember
8.Banksopenedsome24croreJanDhanaccountsinModisfinancialinclusiondrive.

WestBengalisreportedlyhavethemaximumunauthorizeddepositsintoJanDhan
accounts.

Itwillnotbeverydifficulttotracethesourcesofthismoney,saidanotherincometax
official.

ThereareracketsoperatingacrossIndiawhoengagemoneymules,whowillinglyor
unwillinglyactasintermediariestochannelillegalmoneyintothebankingsystem.Itis
suspectedthatJanDhanaccountholdershavebeenusedasmulesbyillegalcash
hoarders.

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Demonetisation:23placesyoucanstilluseyour
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Unaccounteddepositspostdemonetisationlikely
toattractupto60%tax
Demonetisation:CurrencyrecallcouldcostIndiaa
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READMOREONNarendraModi|Kolkata|IncomeTax|Demonetisation

Demonetisation:Overthecounterexchangeofold
notessuspendedfromNovember25

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