Undisclosed income worth Rs 1.64 crore found in Jan Dhan accounts

December 02, 2016 20:12

In a major crackdown on laundering unaccounted money through Pradhan Mantri Jan Dhan Yojana accounts, Income Tax Department on Friday found that undisclosed amount of Rs 1.64 crore deposited by people who never filed income returns into Jan Dhan accounts. These accounts were found in Kolkata, Bihar, Kochi and Varanasi.

The Income Tax Department initiated probe into sudden surge in cash deposits in Jan Dhan accounts and found various inconsistencies. While monitoring these accounts, Rs 40 lakh seized from one such account in Bihar.

To curb misuse of Pradhan Mantri Jan Dhan Yojana accounts to convert black money into white, the Reserve Bank of India has capped withdrawals from KYC-compliant Jan Dhan accounts at Rs 10,000 a month.

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