Note ban effect: I-T lens on 60,000 depositors

Includes those dealing in high-value property and petrol pump owners

After receiving a lukewarm response to the Pradhan Mantri Garib Kalyan Yojana (PMGKY), the income tax (I-T) department has zeroed in on 60,000 persons who deposited “excessive” cash after the note ban. These include those dealing in high-value property and petrol pump owners. 

Of the 60,000 persons, 1,300 are “high risk” ones who, along with the remaining, would be probed for possible black money generation as part of Operation Clean Money II (OCM) launched on Friday, the Central Board of Direct Taxes (CBDT) stated.

More than 6,000 of high-value property purchases and 6,600 cases of outward remittances will be investigated