The second phase of Operation Clean Money will be launched next month. The I-T 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 Tax Department may ignore deposits below Rs 5 lakh on a standalone basis for the time being," the official added. The Tax Department had launched a massive operation to catch evaders who deposited unaccounted cash in junked 500 and 1,000 rupee notes in bank accounts post demonetization. Deposits of above Rs 2 lakh totalling Rs 10 lakh crore were made post-demonetization.

Source: dna February 20, 2017 10:54 UTC