Home News Since Nov 8, Rs 80,000 crore of lo...
Tuesday, 10 January 2017 14:54

Since Nov 8, Rs 80,000 crore of loan repayment in old notes, says I-T dept

E-mail Print PDF

New Delhi, Jan 10: The income tax department said on Tuesday that more than 60 lakh bank accounts saw deposits of over Rs 2 lakhs each since the November scrapping of Rs 500 an Rs 1,000 notes.

loanAbout Rs 80,000 crore of repayment of loans was done in cash since November 8. And Rs 3-4 lakh crore of evaded income was deposited in banks post that date, an I-T official said.

More than Rs 16,000 crore was deposited in cooperative bank accounts since demonetisation. As much as Rs 25,000 crore was deposited in cash in dormant bank accounts post demonetisation. And in the troubled North Eastern states, more than Rs 10,700 crore in cash was deposited in various bank accounts, the official said.

Meanwhile, the I-T department and Enforcement Directorate also said they are scrutinising the Rs 16,000 crore that was deposited in cooperative bank accounts.

The deposits of more than Rs 13,000 crore in Regional Rural Banks have also been disseminated.

Besides, "cash deposits in terrorist affected states have also been disseminated to the concerned law enforcement agencies and appropriate actions have been taken in such cases," he said.

The official said cash deposits of Rs 2 lakh to Rs 2.5 lakh per account, totalling to Rs 42,000 crore, are found to have common PAN, mobile number or address. The same would be looked into in detail by the Income-Tax Department.

The government has got analysed the deposits in Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in detail and amounts of cash deposited under different threshold in different regions of the country and shared it with I-T department.

"All cash deposits of more than one lakh rupees in cash under PMJDY accounts would also be looked into, based on the intelligence inputs," he said.

It has come to the notice of the government that more than Rs 25,000 crore have been deposited in cash in re-activated dormant bank accounts and the details have also been shared with the Income Tax department.

Similarly, nearly Rs 80,000 crore of repayment of loans in cash above a certain threshold post demonetisation has also been shared with law enforcement agencies.

"The Income Tax department has undertaken numerous actions, both intrusive and non-intrusive, based on the intelligence and in turn referred a number of cases for parallel investigation by the ED and CBI. The actions have unearthed non-filers, huge amounts of unaccounted income and shell companies," the official said without giving details.

The Income Tax department is also undertaking data analysis and comprehensive matching of the huge intelligence inputs with government databases to have a more effective and focused intrusive and non-intrusive actions in the coming days.

"It is already taking actions in cases where cash deposits above Rs 50,000 have been made without quoting of PAN," he said.

"The Income Tax Department is using tools and its sources to identify each of these persons and is confident that there would a big expansion in the tax base and a quantum jump in direct tax collection," the official added.

Interestingly, Finance Minister Arun Jaitley, on November 12, had claimed that around 2 lakh crore rupees had been deposited in banks across the country, just four days after demonetisation.

"The largest banker in the country State Bank of India saw deposits of Rs 47,868 crore till afternoon (Nov 12)," Jaitley said at the time.



Like [0]Dislike [0] #10 Rashid, shj2017-01-10
loan repayments are usual thing in banks, it may have increased , these days because govt allowed to pay loan amount they demonitised notes... govt move might have succeeded whether banks collected crores of bad debts from industrialists .
Like [1]Dislike [2] #9 Optimist, Mangalore2017-01-10
Har bar, Modi Sarkar !
Like [1]Dislike [2] #8 Mohan, Mangalore2017-01-10
Positive side of demonetization......
Like [0]Dislike [2] #7 Ram Moorthi, Mangalore2017-01-10
All the reports suggest a huge jump in collections of all types of taxes, the municipal taxes, the excise, the Income tax on a large scale, , recovery of huge arrears, in addition to wiping out of a large chunk of undeposited old currency. Ofcourse huge deposit base which give boost to public investment. Highly suspect accounts should be blocked, otherwise once it is withdrawn it would be very difficult to recover. What else can we call this, except '' HIGHLY SUCCESSFUL'' HATS OFF TO PM"
Like [1]Dislike [1] #6 Jithendra, Mangalore2017-01-10
Loans are being returned...Black Money hoarders had to enter banking system directly or indirectly..There is no more anonymity as far as black cash is concerned...Tax collection is getting a boost....There is going to be a major behavioral change in the society...Then why are some cynics constantly lamenting ?
Like [1]Dislike [1] #5 Chandan, Mumbai2017-01-10
This too are Positives of demonetization ! Our Countries Welfare money kept by black money hoarders instead of repaying the debts !
Like [0]Dislike [2] #4 Sanal, Mangalore2017-01-10
Demonetization has done very nice things .. now what would say modi haters.. see how it has helped reviving the economy ..
Like [0]Dislike [2] #3 Rajeev, Mangalore2017-01-10
sounds about right..!!
Like [0]Dislike [2] #2 Ravi Urva, Mangalore2017-01-10
Obviously Congress could not reveal because it is like expecting a thief to accept that he did steal and how much that amount was !
Like [0]Dislike [1] #1 Guru, Mangalore2017-01-10
One good thing about Modi government is its policy of giving out the numbers. During Congress Raj one rarely got the news about how much bribe money was recovered, how much evaded tax was recovered, etc. Perhaps because the recovered money was relooted by the Congress in collision with the enforcement agency officials.

Add comment

1. Coastaldigest.com reserves the right to delete or block any comments.
2. Coastaldigset.com is not responsible for its readers’ comments.
3. Comments that are abusive, incendiary or irrelevant are strictly prohibited.
4. Please use a genuine email ID and provide your name to avoid rejection.

Security code
Refresh (click the refresh link if image is not clear)

In the News


Mangaluru, May 29: The Communist Party of India (Marxist) has decided to field its ...


New Delhi, May 29: Hours after party vice-president Rahul Gandhi strongly condemned ...


Mysuru, May 29: Minister for Animal Husbandry and Sericulture A Manju on Sunday said ...


Bengaluru, May 29: The BJP core committee meeting on Sunday decided that all senior ...


Bengaluru, May 29: Chief Minister Siddaramaiah on Sunday justified his government’s ...


Kannur, May 29: Kannur city police have registered a case against Youth Congress leader ...


Mangaluru, May 29: The second edition of the ‘Indian Open of Surfing’ came to a ...


Portland, May 28: A man fatally stabbed two passengers aboard a Portland commuter train ...


Thiruvanathapuram, May 28: Amid rage against the Centre’s new restrictions on the sale ...


Bangkok, May 28: Dr Arathi Krishna, deputy chairperson of NRI Forum Karnataka, has been ...


New Delhi, May 28: Disappointed over high GST rate on ayurvedic products that provide ...


Mangaluru, May 28: Holding “goons” of Muslim community responsible for the recent ...

[6 Comments] Read

New Delhi, May 28: The Central Board of Secondary Education (CBSE) today announced the ...


Malappuram, May 28: All Muslim organizations in Kerala have decided to follow green ...


Bengaluru, May 28: Police have rescued a young film promoter from his abductors, and ...