The Income Tax department has found “various inconsistencies” in cash deposits in Jan Dhan accounts and detected about Rs 1.64 crore deposited by persons who have never filed returns as their income shown is below the taxable limit.
“Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jandhan accounts have revealed various inconsistencies,” a Finance Ministry statement said Sunday.
Undisclosed money worth about Rs 1.64 crore has already been found in Jan Dhan accounts, it said.
The money has been deposited by persons who have never filed returns, with their income being below the taxable limits, it added.
The money has been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi, the statement said, adding that Rs 40 Lakh has been seized from one such account in Bihar.
Undisclosed income so detected will be brought to tax as per the provisions of the Income Tax Act, 1961, apart from other actions depending upon the outcome of investigations, it said.
“The Central Board of Direct Taxes (CBDT), once again urges the account holders not to consent to any kind of misuse of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements,” said the statement.
After Prime Minister Narendra Modi surprised entire nation with demonetisation of 500 and 1,000 rupee notes on November 8, deposits in Jan Dhan accounts have increased to 28,685 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.
The total deposit in 25.85 crore such accounts was Rs 74,321.55 crore at the end of November 30, as per Finance Ministry data. The total was Rs 72,834.72 crore in 25.68 crore accounts at the end of November 23.
Saturday, Prime Minister Narendra Modi said he is working on a formula on how to send the corrupt to jail who deposited their money in Jan Dhan accounts of poor after demonetisationand ensure this money goes to the poor households.
Pradhan Mantri Jan-Dhan Yojana is India’s National Mission for Financial Inclusion to ensure access to financial services, namely Banking Savings & Deposit Accounts, Remittance, Credit, Insurance, Pension in an affordable manner. It was launched was launched in August 2014.
Jan Dhan deposits stabilise; get Rs 1,487 cr in seven days
The big surge in deposits into Jan Dhan accounts after the demonetisation seems to be stabilising now as just Rs 1,487 crore has been parked in them over 7 days to November 30, as against Rs 8,283 crore in the previous week.
Deposits in the 25.85 crore such accounts totalled Rs 74,321.55 crore at the end of November 30, as per the Finance Ministry data.
The overall amount was Rs 72,834.72 crore in 25.68 crore accounts at the end of November 23.
After Prime Minister Narendra Modi surprised entire nation with demonetisation of Rs 500 and Rs 1,000 notes on November 8, deposits in Jan Dhan accounts have increased by 28,685 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.
Interestingly, the percentage of zero balance account still remains flat at about 22.85 per cent despite surge in deposits.
The Pradhan Mantri Jan Dhan Yojna was launched in August 2014 to increase banking penetration and promote financial inclusion in the country.
Such accounts have a deposit limit of Rs 50,000. In order to check the misuse of Jan Dhan accounts by black money hoarders following the demonetisation, the Reserve Bank of India has restricted the withdrawal from such accounts to Rs 10,000 per month.
According to RBI, fully KYC-compliant Jan Dhan account holders will be allowed to withdraw Rs 10,000 per month from their account, while limited or Non-KYC compliant account holders can withdraw Rs 5,000 per month.
It said however that branch managers may allow further withdrawals beyond Rs 10,000 a month within the current applicable limits only after ascertaining the genuineness of such withdrawals and duly documenting the same on bank s record.
The government suspects that black money hoarders are using farmers’ and other people s Jan Dhan accounts to deposit their ill-gotten money so that they can safely convert that money into white.