1 lakh account holders in trouble, Govt suspects black cash

New Delhi: New Year may not be happy for over 1.14 lakh holders. Income Tax department has data that shows that more than Rs 80 lakh each was deposited in these accounts between November 10 and December 17. The total of such deposits is Rs 3.93 crore. IT officials believe that much of this has come from black money hoarders wha evaded tax. The logic is that no genuine tax payer can keep such huge amount of cash at home. All accounts are now being scanned.

The data also shows that in 51,000 acounts, more than Rs 1 crore each was deposited in cash. During the investigations, every single transaction of these accounts will be scanned. Apart from these accounts, the loan repayment accounts too are being probed. Roughly  Rs 50,000 crore was deposited in old notes in about 1.77 lakh repayment accounts till November 29. This roughly comes out to Rs 28 lakh in each of the accounts. Source of income for repaying loans will be asked now.

Dormant accounts are too on the government radar.

Banks have send all account details to the government. Now after the accounts are scanned, suspicious account details will be sent to Income Tax and Enforcement Directorate.      


After the investigation, black money hoarders will be asked to first pay 50% tax on undisclosed income, and then declare it under the Gareeb Kalyan Yojana. This will ensure substantial revenues for the government, which in term will help government prove its claim that note ban was meant to help the poor.


Data that Govt has

1.More than Rs 80 lakh each deposited in 1.14 lakh accounts till Dec 17. Total Rs 3.93 cr

2. Over Rs 1 crore deposited in 51,000 accounts till November 25. Total Rs 2.13 lakh cr  

3.Dormant account deposits till Nov 30

 (i) Rs 40,000- Rs 2 lakh in 13.6 lakh accounts. Total Rs 10,354 crore

  (ii) More than Rs 2 lakh in 1.23 lakh accounts. Total Rs 15, 398 crore

4. 60 lakh persons deposited Rs 7 lakh crore  

5. All details of people who deposited Rs 2 lakh or more in cash

6. Deposits of above Rs 2 lakh, Rs 5 lakh, Rs 10 lakh, Rs 15 lakh, Rs 25 lakh, Rs 80 lakh in different accounts and different places


7. Loan payments of Rs 50,000 crore in 1.77 lakh repayment accounts

People who allowed others to deposit cash in their account will be booked under Benami Transcation Act. Howver, it is the Rs 4 lakh crore, deposited in 1.77 lakh accounts that is Govt's prime target. (News24Bureau)