The government has launched a new software to assess large deposits that were made after November 9, 2016, a day after PM Narendra Modi's demonetisation move. According to information from revenue secretary Hasmukh Adhia, who along with Central Board of Direct Taxes, has launched this software, large deposits, essentially Rs 5 lakh and above, will be scrutinised in the first phase. This software will be used to analyse the deposits that have been made post November 9. A mechanised way will be ensured from the software, which will be implemented across banks. Additionally, the finance ministry will be sending out SMS and e-mails to those, where they need explanation directly to the depositors as well.

Source: India Today January 31, 2017 11:15 UTC