Demonetisation: Rs 80,000 crore of loans repaid in cash since November 8

Income Tax department (IT) official revealed that nearly Rs 80,000 crore of loan repayments happened in cash since November 8, 2016.

IT official said that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. 

Moreover, since November 9, more than Rs 10,700 crore cash was deposited in different bank accounts in North Eastern states. 

Rs 25,000 crore deposited in cash in dormant bank accounts post demonetisation, the official said.

The official further said IT department is scrutinising details as it suspects Rs 3-4 lakh crore of evaded income has been deposited in bank accounts post demonetisation. 

He also mentioned that the department and Enforcement Directorate looking into over Rs 16,000 crore deposited in different accounts of cooperative banks. 

On Sunday, the Income Tax department had asked banks to report on cash deposits in accounts from the period April 1 to November 9, 2016. 

Also, on December 30, the Reserve Bank of India demanded that banks emailed a statement of the cash deposits of specified bank notes (SBNs) on the same day itself.

“The bank branches (other than those of District Central Co-operative Banks) who have accumulated SBNs as at the close of business on December 30, 2016 are required to deposit the same in any Issue Office of the Reserve Bank or a currency chest on December 31, 2016 itself,” RBI had said.