People depositing Rs 2 lakh in multiple accounts not safe

New Delhi: People who deposited unaccounted money into multiple accounts in deposits of around Rs 2 lakh after demonetisation to escape the tax net will face the music, the government said on Friday.

“We will catch even those people who have made deposits of Rs 2 lakh in multiple accounts,” Revenue Secretary Hasmukh Adhia told the media here.

Warning people trying to convert black money into white, he said the multiple account deposits made by a person can be tracked by their phone number, address or PAN details.

Clearly indicating that a thorough analysis was being made of the deposits after demonetisation, Adhia said the data received after December 31 – the last day to make deposits in old currency – will be the basis of sending tax notices to people.

“After December 31, the data received needs to be analysed. A professional agency will do data analysis. We will give notices to people after analysing the data.

“Nobody should think that deposits made into accounts have become white. If tax has not been paid on the cash deposited, it is not white.”

Adhia said the government was receiving every day information on all kinds of deposits being made.

“Every day the information is being received by us on all kinds of deposits. And the information is being shared with agencies like Enforcement Directorate.

“Information on Jan Dhan accounts, urban cooperative banks, loan amount, transfer through Real Time Gross Settlement (RTGS), withdrawal amount – everything is being received by Financial Intelligence Unit (FIU),” he added.

The raids have been carried out on the basis of this information, Adhia said.

The Revenue Secretary said the government wants people to declare their unaccounted money under the Pradhan Mantri Garib Kalyan Yojana (PMGKY).

“We will tell them the various benefits of the scheme (PMGKY). We do not want Inspector Raj. We want people to understand themselves,” he said.