Demonetisation: Jan Dhan account deposits double to Rs87000 crore
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New Delhi: Deposits in Jan Dhan account have more than doubled to Rs87,000 crore in 45 days post demonetisation, prompting the tax department to “dissect” information relating to such deposits, a top government official said.
Besides, the tax department also has data on small cash deposits between Rs30,000-50,000 made in 4.86 lakh accounts totaling to Rs2,000 crore. Between 10 November to 23 December, the total deposits in Jan Dhan accounts reported is Rs41,523 crore in 48 lakh accounts. This, together with the total deposits of Rs45,637 crore as on 9 November, takes the aggregate amount in Jan Dhan accounts to over Rs87,100 crore.
“All these information received on Jan Dhan Accounts are being dissected. If it is found that money deposited in these accounts belong to some other persons, necessary action will be taken at appropriate time,” the official said.
Cash deposit between Rs30,000 and Rs50,000 have been reported in 4.86 lakh accounts till 30 November, taking the total deposits in such quantum to Rs2,022 crore. The official further said that inflows of funds into Jan Dhan accounts was the highest in the first week after demonetisation at Rs20,224 crore, but after that the deposits went down substantially.
“The inflow of funds in Jan Dhan accounts after the first two weeks was below Rs5,000 crore per week and thereafter it got reduced to about Rs1,000 crore per week,” the official said, adding that the deposits have come down significantly after the tax department warned people not to allow their accounts to be misused for converting black money into white.
Prime Minister Narendra Modi had on 8 November announced junking of old Rs500 and Rs1,000 notes, and replaced the currency with new Rs2,000 and Rs500 notes. After setting a cash deposit limit of Rs50,000 in Jan Dhan accounts, the government had on 18 November cautioned account holders that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs500, Rs1,000 notes during the 50-day window till 30 December.
The directive came against the backdrop of reports that some are misusing other persons’ bank accounts to convert their black money into new denomination notes. As per latest data available, Rs12.10 lakh crore in form of old Rs500 and Rs1,000 notes have returned into the banking system till 12 December 2016. It was estimated that now defunct notes constituted 86% or Rs15.45 lakh crore in circulation.