NEW DELHI: Extending the scrutiny of suspicious transactions after demonetisation, the central government has begun analysing deposits in new accounts and loan repayments as well as transfers to e-wallets and advance remittance for imports during the last 10 days of the deadline to turn in junked notes. Authorities are now examining term deposit and loan accounts that were opened after November 8.
“The Income Tax Department has already taken actions in cases where cash deposits above Rs 50,000 have been made without quoting PAN. They are using their tools and sources to identify such persons and the department is confident there would be a big expansion in the tax base and a quantum jump in direct tax collection,” a senior government official said. The focus is also on non-cash deposits in various bank accounts.
Besides, regular reporting by banks through ‘suspicious transaction reports’ has seen a four-fold increase during this period and the same are being analysed for dissemination. On analysis, details of more than 60 lakh accounts, which have cash deposits of Rs 2 lakh and above, have been disseminated and the total amount deposited in these accounts is more than Rs 7.34 lakh crore.