Some 60 Lakh individuals and companies together have deposited about 7 Lakh Crore of the total demonetized 500 and 1000 Notes. The government is likely to scrutiny these accounts and will haul up anyone unable to show legal means. This 7 Lakh Crore is some 44.7% of the total Currency that is flushed out of the system.
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The Tax Department armed with the information of the deposits will ask them to show the proofs that they have earned it through legal means. The government has got an option to the unaccounted wealth holders to avail of a tax evasion amnesty scheme Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay their dues.
PMGKY commenced on December 17 and shall remain open for declarations and deposits up to March 31, 2017. The tax department has got data analytics systems which will track those with multiple banks accounts as well as those who are depositing in accounts of others and tax department will not leave anyone who is trying to evade taxes.
