PO accounts with over Rs 10L deposits during note ban frozen

With Core Banking system in place post offices, now I-T sleuths can read your account details

Surat (Gujarat): With the Core (Centralized Online Real-time Exchange) Banking system getting implemented in post offices, the Income Tax (I-T) Department is now getting details of the deposits in post office accounts too.
Earlier the post office accounts were not linked with CBS and so the I-T Department and other authorities did not have information about such accounts and the deposits made in them.

Now the post office accounts have also come under the scanner of I-T Department. In Surat, the department has frozen post office (PO) accounts in which huge deposits of over Rs 10 lakh were made during note ban.


The I-T Department is taking action on the basis of data received from Central Board of Direct Taxes (CBDT). About 150 accounts have been sealed in Surat region so far, in which cash transactions of over Rs 10 lakh were made in a month during demonetisation.

Earlier people used to make deposits in post offices to evade income tax. But now CBDT is getting all the data as the PO accounts have also been connected with PAN, Aadhar and other documents.

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