Rs 2.89 lakh cr deposited by 9.72 lakh people under scanner: I-T dept

The Income Tax (I-T) Department said that cash deposits worth Rs 2.89 lakh crore made by 9.72 lakh persons since demonetisation are under scanner.

The deposits have been made in 13.33 lakh accounts, the I-T department added.

The announcement comes a day after the annual report of the Reserve Bank of India (RBI) for the year 2016-17 revealed on Wednesday that 99 per cent of the old 500 and 1,000-rupee notes that were demonetised have come back into the banking system since the note ban in November last year.

With over Rs 15 lakh crore of junked currency coming back into the banking system post the demonetisation, the government had said a ‘significant portion’ of it could be black money.

“Objective of note ban was to bring down cash in economy, bring digitisation, expand tax base and fight black money,” Finance Minister Arun Jaitley had said after RBI published its report.

“Money has now been identified with its owner,” he added.

(Agencies)

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