Since demonetisation decision was announced by the central government on November 8, Rs 4 lakh crore of undisclosed funds may have flown into bank accounts.
New Delhi: Since demonetisation decision was announced by the central government on November 8, Rs 4 lakh crore of undisclosed funds may have flown into bank accounts, as per a newspaper report.
“The Income-tax department is gearing up to serve notices on those who cannot explain the source of the money,” a Times of India report said.
The I-T department suspect that “a large chunk of this amount could have come from those who dodged taxes,” TOI further states.
As per further reports 60 lakh depositors (individuals and companies) have parked Rs 7 lakh crore in banks.
The government issued a warning yesterday that anyone who is unable to produce legal justification of the deposited amount will be hauled up since mere making deposits in bank does not convert black money into white.
Top officials said while the government will not hound any genuine depositor, it will not hesitate to litigate at any forum to catch any black money holder trying to convert illegal wealth into white.
Post demonetisation, unaccounted wealth holders have an option to avail of a tax evasion amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay their dues, failing which the government's long arms will surely catch them.
With PTI Inputs