Press Esc to close
Thursday 27 April 2017
News updated at 12:51 AM IST

Rs 25k cr in unused bank accounts post note ban

New Delhi, Jan 11, 2017, DHNS 2:13 IST

Rs 80k cr used in loan servicing, say tax officials

Offiicals said they have found several loopholes in addresses, mobile and PAN numbers of depositors.
Bank accounts left unused for decades received at least Rs 25,000 crore after the November 8 ban on high denomination notes. Close to Rs 80,000 crore was used in servicing loans of various kinds, tax officials said on Tuesday.

They said the Income Tax Department has begun the process to scrutinise up to Rs 4 lakh crore of income on which tax was not paid but found their way into the banking system during the 50-day period announced by the government to deposit banned notes.

Offiicals said they have found several loopholes in addresses, mobile and PAN numbers of depositors.

The Enforcement Directorate and Income Tax Department are probing them.The tax department is consulting international audit firms to help analyse the details of suspicious transactions and conduct forensic audit.

Deposits to the tune of Rs 42,000 crore have been found to have common PAN, mobile number or address. These were deposited in small sums of up to Rs 2.5 lakh in several accounts. Officials said they were also in the process of finding out multiple bank accounts owned by an individual and accounts in fictitious names.

Earlier, the authorities had detected a whopping Rs 41,523 crore in 48 lakh Jan Dhan accounts. Often criticised for zero-balance, the Jan Dhan accounts saw unprecedented swelling after demonetisation.

Go to Top

Photo Gallery
Priyanka Chopra at a promotional event for her upcoming film ‘Baywatch’ in Mumbai on Wednesday...

Priyanka Chopra at a promotional event for her upcoming film ‘Baywatch’ in Mumbai on Wednesday...

Maria Sharapova at a training session at the WTA Porsche Tennis Grand Prix in Stuttgart, Germany...

Maria Sharapova at a training session at the WTA Porsche Tennis Grand Prix in Stuttgart, Germany...

A cake weighing 30 kg is cut as part of celebrations outside BSE as Sensex ended above the...

A cake weighing 30 kg is cut as part of celebrations outside BSE as Sensex ended above the...

Family members of CRPF jawan Naresh Yadav, mourn in Darbhanga on Wednesday. He was martyred in...

Family members of CRPF jawan Naresh Yadav, mourn in Darbhanga on Wednesday. He was martyred in...

Soldiers of the Arctic motorised rifle brigade of Russia's Northern Fleet stand near APCs...

Soldiers of the Arctic motorised rifle brigade of Russia's Northern Fleet stand near APCs...

Blossoming apple trees are covered in snow near Altenstadt, Germany...

Blossoming apple trees are covered in snow near Altenstadt, Germany...

A watermelon vendor takes a nap on a hot day in Chennai on Wednesday...

A watermelon vendor takes a nap on a hot day in Chennai on Wednesday...

A boy jumps into the river Ganga to beat the heat in Kolkata on Wednesday...

A boy jumps into the river Ganga to beat the heat in Kolkata on Wednesday...

A newly-built aircraft carrier is transferred from dry dock into the water at a launch ceremony...

A newly-built aircraft carrier is transferred from dry dock into the water at a launch ceremony...

U.S. Army's M1 A2 tanks fire during the South Korea-U.S. joint military live-fire drills...

U.S. Army's M1 A2 tanks fire during the South Korea-U.S. joint military live-fire drills...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.