Jan Dhan deposits soar by over Rs 27000 crore post note ban

Demonetisation Jan Dhan accounts under scanner Rs 21,000 crore deposited so far
Jan Dhan deposits soar by over Rs 27000 crore post note ban

27 November, 2016

The Jan Dhan accounts were Modi's pet project to promote financial inclusion and there are around 25 crore Jan Dhan accounts across the country.

The Cabinet on Thursday is believed to have discussed amending laws to levy close to 60 per cent income tax on unaccounted deposits in banks above a threshold post demonetisation of high-denomination currency notes, Press Trust of India reported today (25 November). Total deposits in Jan Dhan accounts have increased to Rs 64,252.15 crore, with Uttar Pradesh leading the chart with Rs 10,670.62 crore deposits followed by West Bengal and Rajasthan.

JanDhan Accounts as of November 9th, 2016 the balance in the accounts would be about 25.5 crore such as account was Rs 45, 636.61 crore. 58 crores accounts were opened under the Scheme.This information was given by Minister of State for Finance Santosh Kumar Gangwar in a written reply to the Lok Sabha today.

However, in the case of Jan Dhan account, the holder can deposit upto Rs 50,000 the government had announced.

The government had also warned Jan Dhan account holders against allowing others to use their accounts to convert black money into white.

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The government had earlier said deposits of up to Rs2.50 lakh in bank accounts would not come under tax scrutiny as it is within the tax exemption limit. Senior police officials from the region have opined that it is likely that the Maoists have threatened innocent villagers to deposit money in their respective Jan Dhan accounts.

The Zero balance accounts have found a huge surge in Deposits which have been reached to around Rs 21, 000 crore which being parked in all such accounts after the demonetization.

The person who will help the corrupt by offering their bank account will also face prosecution under the Income Tax Act. This roughly translates to Rs 1,000 per account.

The tax department has already made quoting of PAN mandatory if cash deposits during the 50-day period aggregate Rs 2.5 lakh or more in bank accounts.

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