updated 5:52 AM UTC, Aug 22, 2017

Rs. 1.75 Lakh Crore Under Scrutiny Post Notes Ban: PM Modi

  • Published in India

NEW DELHI: Vowing to continue the crackdown on black money, Prime Minister Narendra Modi today said that over Rs. 1.75 lakh crore deposited in banks post note-ban and more than 18 lakh people with disproportionate income are under government scrutiny.

Addressing the nation from the ramparts of the Red Fort on the 71st Independence Day, he said: "Those who have looted the nation and looted the poor are not able to sleep peacefully today."

Demonetisation of old Rs. 500 and Rs. 1,000 notes last November, he said, helped bring over Rs. 3 lakh crore of unaccounted wealth into the banking system. "This is not government research this is outside experts," he added.

Prime Minister Modi said that out of the money deposited in banks post notes ban, over Rs. 1.75 lakh crore is under scrutiny. "More than Rs. 2 lakh crore black money has reached banks and now people depositing such money are being made to answer questions on their origin." The move, he said, has checked generation of new black money.

"The result of this has been that this year, the new tax payers (filing returns) has more than doubled to 56 lakh. Last year this was 22 lakh. This is the result of fight against black money," he said.

Prime Minister Modi, who had in 2014, promised to eliminate black money, said that the crackdown on ill-gotten wealth will continue. "More than 18 lakh people have been identified whose income is more than their declared wealth," he said. "And they have to answer questions on how they accumulated such wealth."

Of the 18 lakh, 4.5 lakh people have come out in open and are seeking to amend their "mistakes," he said, adding that one lakh had not paid income tax ever in past.

Recalling the steps taken by his government to unearth unaccounted and untaxed wealth, he said black money of over Rs. 1.25 lakh crore has been detected in last three years which people were compelled to surrender.

Demonetisation, he said, was a step in that direction which achieved great success.

The move forced "the black money which was hidden to be brought to mainstream. Our effort was to get money into banks and make it a part of formal economy and we have done it successfully," he said.

  • Input: IANS