The income Tax department would be investigating those bank accounts in which more than Rs 2 lakh are available so this is a matter of worry for those who have recently deposited money more than 2 lakh in their accounts. These accounts will be red flagged and invite scrutiny by RBI and later reported to the Income Tax department.
The central bank has already ordered banks to provide details on such accounts as it this will be the next step to ensure that banking system is not misused to launder black money after the demonetization drive.
So the banks has to provide data of those accounts in which 2.5 lakh or more than 2 lakhs is deposited in cash. This measure is being taken after raids were done and found bundles of currency stashed away in bank lockers or being transported to other parts of the country.
So far various several bank employees, including RBI officials have been suspended and even sacked for being involved in unauthorized exchange of currency.
The banks have been notified by the regulator to give details at particular branches especially in Tier II and Tier III cities where abnormal jumps in deposits have been witnessed.
According to a nk official it is very difficult to compile this data as there would so many accounts which may see deposits and withdrawals and thus compiling those balance of Rs 2 lakh would be time consuming.
The Government is now fearing that no frills accounts are being used to park unaccounted money and because of this reason the central bank and other agencies are working quickly to ensure that the black money does not find its way back in the system again.
Till now out of Rs 15.4 lakh crore of currency accounted for by the cancelled Rs1000 and Rs 500 notes, Rs 12.44 lakh crore has been deposited.
Earlier the Government said that they will not take any action against those people who have submitted Rs 2.5 lakh in their accounts and immunity would be given to them but now the RBI is asking for the data of these accounts may create problem for most of the people who have Rs 2 lakh in their accounts and would be under scrutiny.