Around Rs 3 lakh crore to Rs 4 lakh crore of tax-evaded income was deposited in bank accounts during the 50-day period the Centre had allowed citizens after November 8, PTI reported. Prime Minister Narendra Modi had demonetised Rs 500 and Rs 1,000 notes on November 8 as part of the government’s drive against black money. An unidentified Income Tax Department official said the department had been directed to verify the source of the money deposited and send notices to suspected tax evaders.

The official said, “We now have truckloads of data, analysis of which shows that more than Rs 2 lakh was deposited in over 60 lakh bank accounts post demonetisation. The total amount deposited in these accounts is more than Rs 7.34 lakh crore.” Of the 60 lakh accounts, the officials said 6.80 lakh were already under government surveillance.

“Starting from November 8, 2016, various reports were called for from the banks based on different threshold of cash deposits made by different categories of persons,” he told PTI.

He told PTI that the data, collated by banks, had been shared with the Enforcement Directorate and other investigating agencies. Agencies will also focus on verifying deposits made in states affected by militancy.

An analysis of the currency deposited showed that more than Rs 10,700 crore in cash was deposited in several accounts in North East India. The official said bank reports said Rs 25,000 crore was deposited in inactive accounts while almost Rs 80,000 crore was used to repay loans since the drive was launched on November 8.

The country had grappled with a cash crunch following the Modi government’s move to demonetise the high-value bills, which had accounted for 86% of currency in circulation in India at that time.