Cash deposits of Rs 2.89 lakh crore by 9.72 lakh people post-demonetisation under scrutiny
The announcement was made on Thursday by the income tax department
The income tax department said Thursday that cash deposits of Rs 2.89 lakh core by 9.72 lakh people in 13.33 lakh accounts post demonetisation were under the radar, reported PTI.
PTI added the income tax department as saying 14,000 properties of over Rs 1 crore each were also under scrutiny since their owners had not filed income tax returns.
The government had demonetised 1,000- and 500-rupee notes on November 8, giving people who held them up to December 31 to deposit them in their bank accounts after which they would cease to be valid.
On Wednesday, the Reserve Bank of India said 99% of the old notes had made theirway back into the system.
When demonetisation was announced, the government had said it was meant to unearth black money -- it had expected people hoarding illegal cash would not be able to get it back into the system -- which is what the scrutiny of the cash deposits is probably meant to help do.