Govt may ban withdrawals from 18 lakh accounts

Accounts to be frozen unless PAN numbers produced

Govt may ban withdrawals from 18 lakh accounts

 The government may ban withdrawals from the savings bank accounts of 18 lakh taxpayers if they do not provide their PAN numbers by the end of February.

The Centre suspects that the account holders made cash deposits that do not match their incomes after demonetisation.

According to official sources, the finance ministry is discussing the feasibility of taking such a step with the Reserve Bank of India .

The Income Tax Department had identified 18 lakh people with ‘suspicious’ cash deposits post-demonetisation and is on its way to send them emails seeking explanation on the source of their income.

Earlier, the Central Board of Direct Taxes (CBDT) had said that only 10 days’ time would be given to people to reply to the emails.

Operation Clean Money

The CBDT had also launched ‘Operation Clean Money’ as part of this project.
So far, the tax department has identified one crore accounts in which cash deposits after demonetisation exceeded Rs 2 lakh.

The tax department is currently scrutinising cash deposits above Rs 5 lakh and suspicious deposits between Rs 3 lakh and Rs 5 lakh.

According to Revenue Secretary Hasmukh Adhia, the government has also received information on multiple deposits between Rs 2 lakh and Rs 2.5 lakh against a single PAN number.

The 18 lakh suspicious deposits were identified in the first phase of the operation. He said that ‘Operation Clean Money’ would continue for the next two years. According to other officials, around 2.25 lakh accounts linked to post offices are also being scrutinised.

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