Cash deposits made by babus after note ban under CBDT scan

The Central Board of Direct Taxes (CBDT) will be cracking down on public servants on illegal deposits made post demonetization, reports CNBC-TV18.

The CBDT has accumulated a large amount of data on illegal cash deposits, of which a part looks to have been made by public servants.

The report added that the CBDT has made it clear that the information on the misuse of public office will be shared with the chief vigilance officers of their respective ministries, and required action will be taken.

On November 8, 2016, Prime Minister Narendra Modi had declared a nation-wide recall of the Rs 500 and Rs 1000 notes in circulation at the time, issuing new Rs 500 and Rs 2000 notes in a bid to curb the use of black-money in the Indian economy.