BHOPAL: More than Rs 35,000 crore of stashed cash was pulled out of hidden lockers of corporates and individuals and deposited in 25 major banks within 60 days of demonetisation in Madhya Pradesh, reveal documents accessed by TOI.
More than 40% of these accounts are under I-T surveillance, say sources. Money in Pradhan Mantri Jan Dhan Yojana accounts rose by Rs 461 crore after the note ban — from Rs 863 crore on November 8, 2016, to Rs 1,324 crore on January 19, 2017. This debunks the belief that PMJDY accounts were the main source of depositing undisclosed cash.
The document states that 25 major banks in the state had an aggregate deposit of Rs 2,57,372 crore on November 8, 2016, which shot up to Rs 2, 92,901 crore by January 10, 2017 —a whopping rise of Rs 35,529 crore. The 10 banks that saw the maximum cash deposit were Union Bank of India, Indian Bank, Axis Bank, IDBI, Punjab National Bank, Canara Bank, ICICI, HDFC, Syndicate Bank and Bank of India, say sources.
It was this surge in deposits that led the MP government to constitute a special task force under state finance minister Jayant Malaiya to chart out a roadmap for adoption of digital transactions.
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