According to reports, the government is planning to ban withdrawals from 18 lakhs taxpayers savings accounts if they do not provide their PAN Numbers by the end of February.
The government believes that the incomes of many of these account holders, that made cash deposits into their accounts during demonetization, do not match.
The report further added that the finance ministry is thus considering banning withdrawal of cash facility from the 18 lakh taxpayers account and are discussing the feasibility of taking such a step with the Reserve Bank of India.
These 18 lakh people have been identified by the Income Tax Department as people with ‘suspicious’ cash deposits post-demonetisation.
The government is now planning to send these people emails seeking explanation on where they got their income from and give them only 10 days’ time to reply to the emails.
So far, the tax department has also identified nearly one crore accounts in which cash deposits after demonetization exceeded Rs 2 lakh and out of these, they are currently scrutinising all the accounts that made cash deposits of Rs 5 lakh and above and then move on to scrutinize suspicious deposits between Rs 3 lakh and Rs 5 lakh.