I-T dept detects Rs 3-4 lakh crore unaccounted money

 Mumbai: The Income Tax department has released numbers for total unaccounted money deposited in bank accounts since high value notes were banned on November 8.

According to the I-T department, Rs 3-4 lakh crore of evaded income was deposited in banks post demonetisation. An official said that the department is scrutinising the details, PTI reported.

Apart from that, the tax watchdog says Rs 25,000 crore worth of cash was deposited in dormant bank accounts since banks started accepting specified currency notes that lost their legal tender status on demonetisation.

The department also informed that nearly Rs 80,000 crore of repayment of loans was done in cash post demonetisation.

The tax authorities said they and another central agency Enforcement Directorate are looking into over Rs 16,000 crore deposited in different accounts of cooperative banks.

Apart from that, more than Rs 10,700 crore cash deposited in different bank accounts in North Eastern states since November 9, tax authorities informed.