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| IT Deptt to probe dubious transactions in JK | | 'Banks to furnish details of such accounts' | | Ishtiyaq Ahmad
Early Times Report
SRINAGAR, Dec 16: After reports that doubtful cash deposits have been made in J&K after November 8 when the demonetization was announced by the Prime Minister, the Centre has asked the Income Tax Department to examine the accounts where huge cash deposits have been made.
It has also been learnt that various dubious transactions have been carried by channelizing money transfers from one account to another, and these accounts shall also come under scanner.
Reliable sources told Early Times that the IT Department is under instructions from the central government to examine doubtful accounts with the banks where more than Rs 2.5 lakhs have been deposited including those accounts where such cash have been deposited under Jan Dhan Youjna.
"IT department will scrutinize cash deposits of more than Rs 2.5 lakhs in all the banks operating in J&K and firm action will be taken if it has not been made through proper channels," said a source.
Sources said that a full report is being sought from banks on anyone who has deposited more than Rs 2.5 lakhs. "Any investment that is not comprised of clean money is liable to be under action by the Income Tax Department. There is absolutely no tolerance for black money and we will carry out any investigation necessary," said a source in the IT Department.
Sources said the initial investigation conducted by the Income Tax Department into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies.
"We have decided to take action against tax defaulters after December 31 once the process for depositing old notes of Rs 500 and Rs 1000 in bank accounts gets completed. There are many people under scanner against whom the details are being collected," sources said.
Sources said the IT Department will know the exact number of tax defaulters after December 31 after which action will be taken against them as per the law.
Sources said that it was found over the last two weeks in J&K that lots of the money deposited in the bank outlets was in old notes of Rs 500 and Rs 1,000 denominations, which drew suspicion.
They said that it was suspected that some people were clearing their personal stash of black money by replacing small denomination currency with their demonetized currency at the end of each day.
Sources said that the rough estimate of the total volume of the deposits in different branches of all the banks operating in J&K was around Rs 7,000 crore.
Sources said that Intelligence Bureau, and Income Tax Department have already planted their men in different bank branches to collect information on day-to-day basis in different banks.
Sources believe that some people especially for the Kashmir division have roped in scores of their acquaintances who deposit cash below Rs 2, 50,000 each in their accounts to escape the IT eye. |
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