7,000 bank accounts in Karnataka and Goa under I-T scanner

BENGALURU: About 7,000 bank accounts in Karnataka and Goa are on the radar of the income tax department due to abnormal increase in deposits after the announcement of demonetisation on November 8, 2016. The money deposited in these accounts,which included Jan Dhan ones not been used before demonetisation,ran up to Rs 17,000 crore."We have identified over 7,000 bank accounts which received deposits of Rs 80 lakh and above. We have asked the concerned banks to furnish details about the accounts," said R Ravichandran, director of income tax (I&CI), Bengaluru.These suspected accounts were found in both cooperative and commercial banks. Ravichandran said the I-T department has instructed the banks to alert them about such transactions on or before January 31.Out of the 266 cooperative banks in Karnataka,205 have reported high-value transactions during the demonetisation period.Post-demonetisation all such deposits are currently being examined by the department across the country.