In a move that should worry those allowing misuse of their bank accounts for depositing black money during the 50-day window till December 30, the central bank has ordered banks to provide data on such accounts as the government gears up for the next phase of its anti-black money campaign.
“Anyone who's never had more than Rs 2 lakh in his or her bank account but does so now should be worried. Such accounts will be red-flagged and invite scrutiny by RBI, which may report them to the income-tax department to be investigated for possibly suspicious transactions,” an Economics Times report said.
The RBI has written to banks asking for details of accounts at specific branches, particularly those in tier-II and tier-III cities that have witnessed abnormal jumps in deposits, the report added.
According to the latest reports, of the Rs 15.4 lakh crore of currency accounted for by the cancelled Rs 500 and Rs 1,000 notes, Rs 12.44 lakh crore has been deposited so far.
The government had in the past said that immunity would be given to those depositing up to Rs 2.5 lakh. But after the surge in Jan Dhan accounts, RBI has initiated a process to dig out information about deposits up to Rs 2 lakh.
As per the Finance Ministry data, deposits in the 25.8 crore such Jan Dhan accounts totalled Rs 74,609.50 crore at the end of December 7.
Meanwhile, offering one last chance to black money holders, the Indian government on Friday said they have time until March-end to come clean by paying 50 per cent tax on bank deposits of junk currencies made post demonetisation.
Offering tax dodgers confidentially and immunity from prosecution under the new tax evasion amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY), which kicks-in from tomorrow, Revenue Secretary Hasmukh Adhia said non disclosure of deposits made in banks after the Rs 500 and Rs 1000 notes were junked will attract stiffer penalties as well as prosecution.
The disclosure scheme is part of The Taxation Laws (Second Amendment) Act, 2016, which was approved by the Lok Sabha earlier this month and has been assented by the President.
Prime Minister Narendra Modi on November 8 declared the Rs. 500 and Rs. 1000 notes ineligible as a legal tender.
