`1.75 tr, 18L people, 3L shell cos under scrutiny

New Delhi, Aug. 15: Vowing to continue the crackdown on black money, Prime Minister Narendra Modi on Tuesday said `1.75 lakh crore (`1.75 trillion) deposits in banks post note-ban as well as 18 lakh people with income beyond known means are under scrutiny.

Addressing the nation on the 71st Independence Day, Mr Modi said demonetisation of old `500 and `1,000 notes last November led to at least `2 lakh crore of undeclared income coming into the banking system.

Besides, Mr Modi said, it led to doubling of income tax filers to 56 lakh and detection of over 3 lakh ‘shell’ or paper companies that were used for money laundering.

After withdrawing the legal tender status of high denomination currency, the government had given 50-day window for depositing the junked currency in bank accounts.

Demonetisation, according to independent research, helped bring `3 lakh crore of unaccounted wealth into the banking system, Mr Modi said in his fourth address to the nation from the ramparts of the Red Fort.

Mr Modi, who devoted biggest chunk of his nearly an hour-long speech to black money, said that out of the money deposited in banks post note ban, over `1.75 lakh crore is under scrutiny.

“More than `2 lakh crore black money has reached banks and now people depositing such money are being made to answer questions.”

The move, he said, has checked generation of new black money.

“We will continue our fight against black money and corruption. And slowly by using technology and connecting (biometric identification) Aadhaar (with several items including bank accounts and income tax return filing) we have made successful efforts,” he added.

— PTI