Begin typing your search above and press return to search.
Scan Accounts & Maintain Records: Centre to Banks
By: Tupaki Desk | 12 Dec 2016 4:43 PM IST
Union Government directed both Nationalised and Private Banks to scan all the accounts and maintain records of deposits made with old and new currency since November 10th, 2016.
Since demonetisation was launched, Banks received deposits to the tune of Rs 11.85 lakh crore in scrapped Rs 500 and Rs 1000 notes. If banks scan all of these deposits, It will be easy for Income Tax and Enforcement Directorate to corner the individuals who evaded the tax.
However, Experts were of the view that scanning millions of bank accounts is impossible. Scanning each and every account is a herculean task and the exercise won't be complete any time soon.
There are as many as 624 million bank accounts (only savings) in India by 2011. As per an estimate, There are over 800 million savings accounts Today.
Since demonetisation was launched, Banks received deposits to the tune of Rs 11.85 lakh crore in scrapped Rs 500 and Rs 1000 notes. If banks scan all of these deposits, It will be easy for Income Tax and Enforcement Directorate to corner the individuals who evaded the tax.
However, Experts were of the view that scanning millions of bank accounts is impossible. Scanning each and every account is a herculean task and the exercise won't be complete any time soon.
There are as many as 624 million bank accounts (only savings) in India by 2011. As per an estimate, There are over 800 million savings accounts Today.