Over Rs 3 lakh crore came into banking system after note ban: Narendra Modi

New Delhi: Listing the achievements of the NDA government in curbing black money, including demonetisation, Prime Minister Narendra Modi on Tuesday said that authorities had confiscated black money worth over Rs 1 lakh crore and around Rs 3 lakh crore had been brought into the banking system. “In the last three years, more than Rs 1,25,000 crore of black money has been caught…the culprits have been forced to surrender this money,” Modi said in his speech here on the occasion of Independence Day. [caption id=“attachment_3932721” align=“alignleft” width=“380”]  Prime Minister Narendra Modi waves to the crowd during Independence Day celebrations at the Red Fort in New Delhi on Tuesday. PTI [/caption] “Moreover, the demonetisation drive has achieved much success..it has brought out black money,” he said. The Prime Minister said the demonetisation of high-value currency in November had returned a lot of black money into the formal economy. “Research has established that after the note ban measure, more than Rs 3 lakh crore, which was outside the banking system, has come into the formal economy,” Modi said. “Scrutiny of money deposited in banks after demonetisation has revealed Rs 1,75,000 crore of suspicious money. Besides, Rs 2 lakh crore deposits have been forced to provide explanation for the money,” he said. Modi also said that demonetisation had increased the income tax base of the country. “Till the 5th of August this year, 56 lakh people had filed income tax returns (ITRs), as compared to 22 lakh last year..the number has more than doubled,” he said. He said the in the period following the note ban 18 lakh assessees had been identified with assets disproportionate to their known sources of income. “Of these, 4.5 lakh have owned up to tax misdemeanours and are trying to regularise their affairs by paying penal tax. Around 1.1 lakh people had no notion of income tax earlier,” the Prime Minister said.