People With No Taxable Income Have Rs 1.64 Crore in Jan Dhan Accounts

New Delhi: The Income Tax department has found "various inconsistencies" in cash deposits in Jan Dhan accounts and detected about Rs 1.64 crore deposited by persons who have never filed returns as their income shown is below the taxable limit.

"Investigation being conducted by the Income Tax Department across India into the sudden surge in cash deposits in Jan Dhan accounts have revealed various inconsistencies," a Finance Ministry statement said on Sunday.Also Read: RBI to Issue New Rs 50, Rs 20 Notes, Old Currency to Remain Legal Tender

Undisclosed money worth about Rs 1.64 crore has already been found in Jan Dhan accounts, it said.

The money has been deposited by persons who have never filed returns, with their income being below the taxable limits, it added.

The money has been detected at Kolkata, Midnapore, Ara (Bihar), Kochi and Varanasi, the statement said, adding that Rs 40 Lakh has been seized from one such account in Bihar. Also Read: Man Dies of Heart Attack in Bengal While Standing in ATM Queue

Undisclosed income so detected will be brought to tax as per the provisions of the Income Tax Act, 1961, apart from other actions depending upon the outcome of investigations, it said.

"The Central Board of Direct Taxes (CBDT), once again urges the account holders not to consent to any kind of misuse of their accounts which would expose them to the dangers of being held responsible for the tax evasion by unscrupulous elements," said the statement.

After Prime Minister Narendra Modi surprised entire nation with demonetisation of 500 and 1,000 rupee notes on November 8, deposits in Jan Dhan accounts have increased to 28,685 crore. As of November 9, the balance in about 25.5 crore such accounts was Rs 45,636.61 crore.

The total deposit in 25.85 crore such accounts was Rs 74,321.55 crore at the end of November 30, as per Finance Ministry data. The total was Rs 72,834.72 crore in 25.68 crore accounts at the end of November 23.

The Pradhan Mantri Jan Dhan Yojna was launched in August 2014 to increase banking penetration and promote financial inclusion in the country.