ITdept to launch 2nd phase of bank accounts scrutiny

The income tax( IT) department is likely to launch the second phase of Operation Clean Money next month to close in on unaccounted money making its way into banks but may ignore standalone deposits below Rs.5 lakh for now.

The IT department will appoint two data analytics firms in the next 10 days to analyse the deposits in bank accounts before and after November 8 last year— the day the government decided to junk 86 percent of thecurrency in circulation.

Theexercisewill attempttolinkindividuals withmultipleaccountsor permanentaccount numbers, officialssaid.

Business Standard New Delhi,21st February 2017

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