The Union Minister for Road Transport and Highways Nitin Gadkari Wednesday said there are 4.5 lakh bank accounts that are suspect and under scanner after demonetisation. The accounts are being scrutinised and action would be taken if there are violations, as part of the process to clean and streamline the system. “Almost 99 per cent funds have returned and got deposited in banks. There are 4.6 lakh accounts that are suspect and under scanner. In 76.73 lakh accounts, funds deposited do not match with the Income Tax paid by those individuals,” said the minister while addressing the media in Mumbai on Wednesday to mark Anti-black Money Day, on the first anniversary of demonetisation. The programme was organised by the BJP.
It would be wrong to presume that people who have deposited the funds can get away with wrongdoing and corruption, he added. To the contrary, funds deposited in banks have given the government a better idea about the proportion of black money or unaccounted money. Gadkari said demonetisation and GST have helped strengthen the economy of the country. The reforms have hurt the interest of those who had black money and those politicians who gave them patronage, he observed.
Terming it a historic day, Gadkari said: “The process has helped expose the shell companies that often touted those with black money to convert those into white. Following demonetisation,real estate prices have declined. It has helped in savings. It has checked fake currencies. Whether it is money laundering or hawala operations, all have been adversely hit and would be under scanner. Demonetisation has affected the financial support for terrorist outfits and Naxalism.”
He added: “Digital transaction has increased by 58 per cent. Fifty lakh workers have opened bank accounts as money is being directly transferred to their personal accounts.”