For the period April to November 9 2016, the date of Demonetization, Banks, have been asked to furnish the deposits made in the customers’ accounts. The further details read as under:
a) People who have not furnished the PAN number or Form 60 (in lieu of PAN number) should be advised to furnish the details to IT department before 28th Feb 2017.
b) All Banks, Cooperative banks and post offices have been advised by IT department to furnish the details of all deposits made during the above period by Feb 28 , 2017.
c) Earlier banks were advised by IT department to furnish all deposits above 2.5 lakh in Savings Account and more than 12.50 lakhs in current accounts, made between November 10 and Dec 30 of 2016, let apart details of all cash deposited above 50,000 in a day were advised to be reported.
Now that over 15 lakh crore in junked currencies has come to the bank after demonetization, the trend in such deposits is being analysed by the IT department. The department adds that more than 4812 crores of undisclosed income and 112 crore worth new notes have been unearthed during its country wide operations post demonetization. Around 1138 searches have been made throughout during the announcement of the note ban.
The notices issued by the department on tax evasion, and hawala dealings is said to be around 5184 and cash and jewellery worth Rs. 610 crores have been seized a report adds.