Cash deposits of Rs 3.68 lakh crore in as many as 23.22 lakh bank accounts are under suspicion, shipping minister Nitin Gadkari said on Wednesday as India marked the one year of November 8, 2016, demonetisation exercise undertaken by prime minister Narendra Modi.

Besides, as many as many as 17.73 lakh cases were detected where cash transactions did not match tax profile of the individuals, Gadkari told reporters in Mumbai. There is No 1 economy and the No 2 economy has been wiped out, he said.

"We are moving towards a cashless and digital economy," the senior BJP leader said, adding that nowadays people were even purchasing vegetables through digital payments. "Toll nakas have become cashless, you can go to a hotel or restaurant and pay through cashless mode...you can pay through cards (debit cards or credit cards)," he said.

According to Gadkari, because of demonetisation there has been a clampdown on terrorism and Left-wing extremism. "Hawala trading has been given a major blow," the senior minister of BJP-led NDA government, said. Shell companies had to wind up operations and several black money and hawala transactions have been detected and are under scanner, he said.

"You would have also noticed that incidents of stone pelting in Kashmir valley has come down considerably," Gadkari said.

"Because of demonetisation, we have also been able to tackle the counterfeit currency," he pointed out.