Jewellers, telcos watch out: I-T lens on 4000 cos for unusual cash deposits

The entire exercise is part of Operation Clean Money

The income tax (I-T) department is leaving no stone unturned to make the Pradhan Mantri Garib Kalyan Yojana (PMGKY), also known as the Income Declaration Scheme (IDS)-II, a success.

With less than a month to go before the March 31 deadline, the tax department has issued as many as 4,000 notices to firms over unusual surge in cash deposits in their bank accounts to the tune of Rs 1.2 lakh crore during the demonetisation drive.  

These companies include prominent jewellers, telecom operators, insurance companies and fuel retailers who are said to have deposited large amounts of cash during