More than two months after the government announced demonetisation with an aim to cut down on black money and end terrorist funding from counterfeit notes, estimates of alleged black money in the economy still remain unclear. The Tax Department has reportedly detected deposits of Rs 3-4 lakh crore of unaccounted income in over 60 lakh bank accounts during the 50-day window. A government official told PTI that the IT department has been asked to scrutinise details of the accounts and send notices to depositors for alleged tax evasion.
While the tax department has also found that Rs 25,000 crore cash was deposited in dormant bank accounts, nearly Rs 80,000 crore of loan-repayment was done in cash after the demonetisation decision of the government.
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(Sourced from agencies, feature image courtesy:oneindia.com)
