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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.

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