In the aftermath of Prime Minister Narendra Modi announcing demonetisation on 8 November, people largely made deposits of over ₹2 lakh into their bank accounts, The Indian Express reported today.
Deposits worth ₹5.48 lakh crore were made in 1.09 crore accounts, according to the report. The Centre had indicated that people depositing less than ₹2.5 lakh would not be under its radar, but authorities have identified cases of multiple deposits against a single pan number.
"People thought ₹2.5 lakh tak safe hai, so most of them have done ₹2.25 lakh (deposits) in 10-15 accounts. We have cases in which 20 accounts are connected to a single PAN," Revenue Secretary Hasmukh Adhia said on Thursday, according to the report.
The government is now identifying the deposits done for tax evasion purposes, IE reported. "We are quite concerned that the proportion of direct tax in the total tax kitty is very low. This is not a good thing for a country as it is regressive to levy more and more indirect taxes," Adhia told The Hindu.
Adhia said a 34 percent spike in advance personal income tax payments has been recorded, this year.
So far, the authorities have not sent out notices to persons linked to suspect deposits but asked for explanations online. "So we are not saying you are are a criminal till they give the answer," Adhia said.
The government has also identified 18 lakh persons who deposited over ₹5 lakh between 9 November and 30 December, but their income profile don't match their deposits.
"Operation Clean Money" will continue for the next two years.
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