The sleuths have found that in the first set, a total of Rs 5.40 lakh cr was deposited through 99.40 lakh transactions
The data related to 1.01 crore bank transactions, in which old notes amounting to more than Rs 10 lakh crore were deposited during the 50 days of demonetization, might land potential tax evaders in soup. The Finance Ministry's specialised data mining team has pointed out that India's 'super-rich', who put in Rs 80 lakh or more, deposited half of the total cash via one only per cent of the total transactions.
"We are focusing on the super-rich. The data provides massive leads in tax evasion cases," a Finance Ministry official told DNA, requesting anonymity.
The Department of Revenue's specialised tax wing has received two sets of data from the apex direct tax body, the Central Board of Direct Taxes, and Financial Intelligence Unit, a dedicated agency that monitors suspicious transactions.
In the first set, tax sleuths have identified people and entities with cumulative cash deposits of Rs 2-80 lakh during the first 50 days of demonetization. In the second set, officials have identified super-rich or heavy cash depositors, who put in more than Rs 80 lakh.
The sleuths have found that in the first set, a total of Rs 5.40 lakh crore was deposited through 99.40 lakh transactions. In the second set, nearly Rs 5 lakh crore was deposited through 1.41 lakh transactions in last two months of 2016.
Officials from the specialised tax wing have further processed the data into government, public sector units (PSU), scheduled banks (interbank) and rest categories. The government units and PSUs deposited nearly Rs 50,000 crore. Similarly, scheduled banks deposited nearly Rs 1.40 lakh crore.
For the tax investigation purpose, the government is more focussed on the amount deposited by people or entities in 'others' category, who made cumulative deposits of Rs 8.26 lakh crore.
Meanwhile, according to the data, Maharashtra emerged as the top state for depositing nearly Rs 1.36 lakh crore during that period. Uttar Pradesh stood second with Rs 90,300 crore cash deposited in the same period, while Gujarat ranked third with Rs 74,700 crore cash deposits.
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