Demonetisation: Undisclosed amount of Rs1.64 crore found in Jan Dhan accounts

New Delhi: The hitherto dormant Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts in nationalised banks have now sprung to life and are flush with cash in several parts of the country, thanks to demonetisation drive.

Probe conducted by the Income Tax Dept across India into sudden surge in cash deposits in Jandhan accounts reveals various inconsistencies.

Undisclosed amount of  approximately Rs 1.64 crore have been deposited by people who never filed income returns into Jandhan accounts in Kolkata, Bihar, Kochi and Varanasi.

Meanwhile, Rs 40 lakh has been seized from one such account in Bihar. Undisclosed income so detected will be brought to tax as per provisions of IT Act, 1961.

With Jan Dhan account holders virtually making beeline at bank counters to deposit money and activate the accounts, there has been rapid spurt in the quantum of deposits in several of these zero-balance balance accounts.

Deposits in the accounts are largely in demonetised high-value currency notes, giving suspicion that unscrupulous elements might be using the accounts of poor and gullible to convert black money into white.

Post the Centre's demonetisation step on November 8, most Jan Dhan accounts are subjected to their first-ever transactions ever since they were opened. There are instances of these accounts being switched to general savings accounts.