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

January 10, 2017

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.

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About 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.

Comments

Rashid
 - 
Tuesday, 10 Jan 2017

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 .

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May 1,2024

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Karnataka Chief Minister Siddaramaiah on Wednesday attacked the BJP over the obscene video case in Hassan district by questioning who gave the accused Prajwal Revanna a visa to go abroad. He also hit out at Union Minister Amit Shah asking why did he gave a ticket to Hassan JD(S) MP Prajwal, who is the accused in the sex scandal case. 

He alleged that former Prime Minister and JD(S) supremo H D Deve Gowda planned the escape of his grandson and Hassan MP Prajwal Revanna abroad. 

“Who gives passport and visa for travelling abroad? It’s the Centre. Can he go without the Centre’s knowledge? It was former Prime Minister H D Deve Gowda who planned and sent him abroad,” the Chief Minister said.

"Prajwal pen drives case is not related to DCM DK Shivakumar. Why did Amit Shah give a ticket to the accused of a sex scandal?" he questioned.

Siddaramaiah also wrote to Prime Minister Narendra Modi requesting him to direct the Ministry of External Affairs and Ministry of Home Affairs to cancel the Diplomatic Passport issued to Prajwal Revanna and ensure his return to face the law.

Prajwal is accused in an alleged sex scandal which is under investigation by a Special Investigation Team (SIT) constituted by the Karnataka government. He is believed to have escaped to Germany shortly after polling in the first phase of elections in the state got over on April 26, in which Prajwal was the JD(S)-BJP combine's candidate from Hassan. 

The Karnataka CM said that SIT will conduct an investigation in a transparent manner in the case.

Earlier, Siddaramaiah wrote on X, "The government has decided to form a special investigation team in connection with Prajwal Revanna's obscene video case. Obscene video clips are circulating in Hassan district, where it appears that women have been sexually assaulted."

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April 23,2024

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The Karnataka government's decision to categorise the entire Muslim community as a backward caste for reservation purposes in the state has drawn criticism from the National Commission for Backward Classes (NCBC), which said such blanket categorisation undermines the principles of social justice.

According to the data submitted by the Karnataka Backward Classes Welfare Department, all castes and communities within the Muslim religion have been enlisted as socially and educationally backward classes under Category IIB in the State List of Backward Classes.

The NCBC, during a field visit last year, examined the state's reservation policy for OBCs in educational institutions and government jobs.

"All castes/communities of Muslim religion of Karnataka are being treated as socially and educationally backward classes of citizens and listed as Muslim Caste separately under Category IIB in the State List of Backward Classes for providing them reservation in admission into educational institutions and in appointments to posts and vacancies in the services of the State for the purpose of Articles 15(4) and 16(4) of the Constitution of India," the NCBC said in a statement on Monday night.

This categorisation has led to the provision of reservation benefits for 17 socially and educationally backward castes under Category I and 19 castes under Category II-A, respectively.

The NCBC said the blanket categorisation of Muslims as a backward caste undermines the principles of social justice, particularly for the marginalised Muslim castes and communities identified as socially and educationally backward.

However, the NCBC emphasised that while there are indeed underprivileged and historically marginalised sections within the Muslim community, treating the entire religion as backward overlooks the diversity and complexities within Muslim society.

"The religion-based reservation affects and works against ethics of social justice for categorically downtrodden Muslim castes/communities and identified socially and educationally backward Muslim castes/communities under Category-I (17 Muslim castes) and Category II-A (19 Muslim castes) of State List of Backward Classes. Hence, socially and educationally backward castes/communities cannot be treated at par with an entire religion," the NCBC stated.

The NCBC also voiced concern over the impact of such reservations on the overall framework of social justice, particularly in the context of local body polls.

While Karnataka provides 32 per cent reservation to backward classes in local body elections, including Muslims, the Commission stressed the need for a nuanced approach that accounts for the diversity within these communities.

According to the 2011 Census, Muslims constitute 12.92 per cent of the population in Karnataka.

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April 23,2024

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Mangaluru, Apr 23: As an outbreak of avian flu has been reported in some districts of neighbouring Kerala, the border areas of Karnataka, including Mangaluru, have been put on high alert, officials of the Karnataka Animal Husbandry department said.

At present, the situation in Kerala is being monitored before any action can be taken, they said.

“Our Kerala counterparts have assured us that the avian flu has been contained within Alappuzha district. However, loading, booking and carrying poultry and poultry products on trains and at railway stations are still under consideration (surveillance), the officials said.

Not only railways but also road transport ferrying chicken loads from Kerala to Mangaluru are under surveillance. Mangaluru, being one of the largest consumers of chicken from Kerala, has halted chicken procurement from Kerala-based suppliers.

Sudhakar Shetty, a market functionary, stated, “The animal husbandry department of Kerala has advised containment of avian flu within a few districts in Kerala. We are closely monitoring the situation.” Despite this, the market has not experienced significant fluctuations in supply yet, as local stocks have been adequate to meet the demand for the next few days.

Demand for chicken could fall for a few days due to a series of temple festivals in coastal areas, where many consumers refrain from consuming meat-based meals until Saturday. Nevertheless, Sunday could witness a change, as consumers may desire hot chicken curry for their Sunday meals, according to the local people.

As officials in the animal husbandry department in Dakshina Kannada have raised awareness in the market about avian flu in the neighbouring state, the question arises whether prices will fall if demand decreases.

“We do not want to contribute to the hysteria surrounding avian flu until our local stock falls below the level of demand,” said Aston D’Souza, a farm owner.

Dakshina Kannada also serves as a good market for suppliers from Shivamogga, Hassan, and Chikkamagaluru.

“In case supplies dwindle due to an unlikely prolonged shutdown of Kerala supplies, we can always purchase from those districts, albeit at a slightly higher cost than Kerala stock,” Shetty said.

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