The government of India has calculated that about Rs. 3-4 lakh crore of illegal money has been deposited in banks after demonetization, reports Hindu.
Income Tax Department would soon scrutinize details and send notices to depositors of illegal money.
Income Tax Department and the Enforcement Directorate are looking into over Rs. 16,000 crore deposited in different accounts of cooperative banks.
According to an estimate close to Rs 70 thousand of black money has been ‘adjusted’ in these banks.