business

Updated: Nov 12, 2016 21:51 IST

Finance minister Arun Jaitley said on Saturday that the government was monitoring all bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) to check the deposit pattern after the demonetization of currency notes was announced on November 8.

“There are reports that there has been a surge in deposits in some of Jan Dhan accounts. We are aware of this and we will monitor the desposits,” Jaitley said at a press conference on Saturday.

“Any person who indulges in any unlawful activity will not be spared,” he said.

The government is focusing on ensuring that replacement of currency notes withdrawn, with new legal tender, takes place smoothly and quickly so that inconvenience to people is minimised, Jaitley said, adding that “the Enforcement Directorate and revenue department are keeping a close watch”.

Jaitley also said that the government has sought data related to the stock positions from jewellers and bullion traders in a bid to track down the unaccounted money that has flowed into this sector since currency notes of Rs 500 and Rs 1000 were demonetised.

“We have asked for stock details from wherever we have received reports of gold transaction in exchange for old high denomination currency notes,” the finance minister said.

Jaitley said that no exemptions will be provided to any section of the society, including large traders and wholesalers that typically required large cash flows for transactions. “Why should the wholesale market operate only in black money, why not in cheques… no exemptions will be given to any section of the society. I get hundreds of requests everyday from various sectors such as traders, NGOs, etc,” Jaitley said.

In a surprise move, Prime Minister Narendra Modi had on the night of November 8 announced withdrawal of 500 and 1000 rupee notes but allowed people to deposit them in their bank accounts or exchange them with new Rs 2000 and Rs 500 notes till December 30.

(With inputs from PTI)