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Jan Dhan deposits decelerated after govt warned against misuse of account: CBDT

CBDT also said that average deposit per Jan Dhan account at Rs 13,113 during Nov 8-Dec 2 is not alarming.

By: Express Web Desk | New Delhi |
December 7, 2016 8:56:47 pm
Demonetisation, Jan Dhan, Jan dhan accounts, IT Jan Dhan, Jan Dhan black money, Black money Jan dhan ICA said that government is making effort to promote India as digital payment economy and mobile phones are at the centre of this endeavour. (Express photo by Ganesh Shirsekar)

The Central Board of Direct Taxes (CBDT) on Wednesday said that Jan Dhan deposits decelerated after the Central government warned against misusing such accounts for converting black money into white. It also said that average deposit per Jan Dhan account at Rs 13,113 during Nov 8-Dec 2 is not alarming.

Total amounts deposited during November 8-15 were Rs 20,206 crore, while during November 16-22, people deposited Rs 11,347 crore in such accounts. This further decelerated to Rs 4,867 crore during November 23-30. Total daily deposit in Jan Dhan accounts was Rs 410 crore on December 1 and Rs 389 crore on December 2.

“The average per account deposit in Jan Dhan accounts is Rs 13,113 for this entire period from November 8 to December 2, which is not alarming, given the need to bring all cash to banks,” said the Central Board of Direct Taxes (CBDT). The Income Tax Department has identified the local clusters and bank branches where the inflows of Jan Dhan
deposits have been more than normal, in order to investigate money deposits in Jan Dhan accounts which belonged to somebody else, it said.

After setting a cash deposit limit of Rs 50,000 in Jan Dhan accounts, the government had on November 18 cautioned account holders that they will be prosecuted under the I-T Act for allowing misuse of their bank accounts through deposit of black money in Rs 500/1,000 notes during the 50-day window till December 30. The directive came against the backdrop of reports that some are misusing other persons’ bank accounts to convert their black money into new denomination notes.

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The CBDT today said since the time the government has alerted people not to allow their accounts, particularly Jan Dhan accounts, to be used by others for the purpose of converting their black money into white, there has been a considerable decrease in inflows of funds in Jan Dhan accounts. Since November 10, Rs 11.85 lakh crore in form of old 500 and 1,000 rupee notes have returned into the banking system. It was estimated that now defunct notes constituted 86 per cent or Rs 14.5 lakh crore in circulation.

Meanwhile, the Income tax department has found “various inconsistencies” in cash deposits in Jan Dhan accounts and detected about Rs 1.64 crore deposited by persons who have never filed returns as their income shown is below the taxable limit. The Central Board of Direct Taxes reiterated its warning to people against allowing misuse of their accounts by unscrupulous elements. “Investigation being conducted by the income tax department across India into the sudden surge in cash deposits in Jan Dhan accounts have revealed various inconsistencies,” the Ministry of Finance said on Sunday.

(With PTI inputs)

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