Accounts having deposited ₹2 lakh will be scrutinised by the RBI, based on the information given by the banks. In turn, RBI will revert the information to the IT Department. So, those who never had deposited ₹2 lakh in their accounts may face IT raids.

 

Accordingly, the banks are providing information to the Financial Intelligence Unit about the details of the account holders who have deposited more than ₹2 lakh in cash.

 

Earlier, when PM Narendra Modi made an announcement on demonetising ₹500 and ₹ 1,000 currency notes, he had said that people have time until December 30 to deposit money up to ₹2.5 lakh in cash. Only the accounts, which deposited more than ₹2.5 lakh in cash were supposed to be under the scanner.

 

But as most people were found to be depositing lakhs of rupees in their accounts the banks are taking steps to track the accounts with more than ₹2 lakh deposits.

 

According to a report in the Economic Times, of the ₹15.4 lakh crore of currency accounted for by the cancelled ₹500 and ₹1,000 notes, ₹12.44 lakh crore or 80 percent has been deposited.

 

Close to ₹27,000 crore was deposited in Jan Dhan accounts within two weeks from November 8 as against ₹45,000 crore deposited in two years.