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Deposited Rs 2 lakh or more, some used one PAN for 20 accounts: Govt

Webdesk:-REVENUE Secretary Hasmukh Adhia Thursday said deposits of Rs 2 lakh or more formed a sizeable chunk of the demonetised currency that found their way into bank accounts immediately after the November 8 announcement on withdrawal of Rs 500 and Rs 1,000 notes.

Asked if deposits of less than Rs 2 lakh constituted the majority deposits in accounts, Adhia said: “Na na, woh zyaada nahi hai. Rs 2 lakh se upar wale mein hi main hua hai. (No, that’s not big. The bulk of deposits were those above Rs 2 lakh.) And people thought Rs 2.5 lakh tak safe hai, so most of them have done Rs 2.25 lakh (deposits) in 10-15 accounts. We have cases in which 20 accounts are connected to a single PAN.”

 

Over two-thirds of the demonetised currency deposited in banks has come in the form of deposits over Rs 2 lakh — totalling around Rs 10.38 lakh crore.

“These are the immediate high-level cases, which apparently appear to be odd. The Operation Clean Money targets them in the first phase,” Adhia said a day after the Budget.

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