The I-T department is "verifying" over Rs 4.5 lakh crore of suspicious deposits made by 18 lakh people post note ban and will send ‘non-statutory’ letters to those who have not responded to its SMS and e-mail queries seeking explanation
New Delhi: The I-T department is "verifying" over Rs 4.5 lakh crore of suspicious deposits made by 18 lakh people post note ban and will send ‘non-statutory’ letters to those who have not responded to its SMS and e-mail queries seeking explanation.
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Big Data analysis by the tax department has revealed that deposits of over Rs 2 lakh totalling Rs 10 lakh crore were made in about 1 crore bank accounts in the 50-day window after the demonetisation decision that cancelled 86 per cent of currency in circulation.
Of these, it picked up 18 lakh deposits of over Rs 5 lakh each for examination as they prima facie looked suspicious, an official said. Code-naming the scrutiny ‘Operation Clean Money’, it sent SMSes and e-mails to these 18 lakh people, asking them to explain the source of the funds by February 15 on the e-filing portal.
So far, it has received replies from over 7 lakh people, most of whom accepted making such deposits and the department will issue letters to the remaining nudging them to explain the source of deposits on the e-filing portal, he said. "More than 99 per cent of the 7 lakh respondents have accepted that the data is correct," the official said.
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