Large cash deposits in savings bank accounts of citizens have been under scrutiny after the government scrapped high-value banknotes from November 9, 2016

NEW DELHI (TIP): The taxmen or bank officials may question anyone receiving high-value funds in his account, even if it is through an electronic transaction.

A transaction above Rs 2.5 lakh by an individual is considered “high value”.

Large cash deposits in savings bank accounts of citizens have been under scrutiny after the government scrapped high-value banknotes from November 9 in a multi-pronged crackdown on tax dodgers and counterfeiting.

Tax officials have also been keeping an eye on big sums being transferred electronically, especially funds coming from new bank accounts and Jan Dhan accounts, meant for the poor.

Several savings accounts were opened under the Pradhan Mantri Jan Dhan Yojana, and there are reports that some of these were used to deposit illegal cash after the demonetization exercise.

Government sources said a spurt in fresh deposits in dormant savings accounts or Jan Dhan accounts is being investigated.

“Many Jan Dhan accounts have been used to convert black money into white, investigations will be carried out and notices will be sent,” a senior official said on Thursday.

The government had asked people not to allow anybody to use their Jan Dhan accounts to park undisclosed cash.

“We will track the flow of funds and based on our findings, appropriate steps will be taken,” the official said. “Genuine cases need not worry.”

There were more than 230 million Jan Dhan accounts last August. That went up to more than 250 million in November and currently stands at 280 million.