Rs 3-4lakh evaded income deposited in banks, Rs 80,000 cr loan repaid since demonetisation: IT dept

Post demonetisation bank vaults have been flushed with illegitimate cash, evaded income and loan repayments, IT officials have revealed.According to data shared by Income Tax officials, Rs 3-4 lakh crore of evaded income has been deposited in banks post demonetisation. The report also revealed that nearly Rs 80,000 cr of repayment of loans done in cash post demonetisation.

Income tax department is scrutinising details of all bank deposits, the officials said. More than Rs 2 lakh has been deposited in over 60 lakh bank accounts post demonetisation.

Source: News Nation