LUDHIANA: A jeweller from Amritsar deposited Rs 27 crore in his bank account after Prime Minister Narendra Modi announced demonetisation on November 8, 2016. He was followed by a businessman from Ludhiana who deposited Rs 16 crore.These were two of the biggest deposits made in Punjab after demonetisation and form part of 400 individuals, companies and professionals in Punjab who made suspicious cash deposits exceeding Rs 1crore.The income tax department's investigation wing in Ludhiana has issued notices to all of these and started probing these cases. Sources said that the notices, issued by Parneet Sachdev, principal director of income tax (Punjab and Jammu Kashmir), have also been sent to some government officials who allegedly facilitated high value deposits of their acquaintances. Punjab's industrial hub Ludhiana alone accounts for some 100 such notices.A list of deposits ranging between Rs 5 lakh and Rs 1crore has been forwarded to thefield offices. In the past seven days, 20 surveys have been started in Ludhiana, Samana and Moga.Sources said that the depositors have been given a chance to present proofs of the cash being legitimate. In case of unaccounted deposits, the depositors face a 300% penalty along with a possibility of being prosecuted.A senior income tax officer said on condition of anonymity , "Depositors found guilty of having black money , can save themselves from both high penalty and prosecution by declaring their unaccounted cash under Pardhan Mantri Garib Kalyan Yojna (PMGKY) before March 31. Under PMGKY they will be charged only 50% penalty." The official also said that the department is in wait-andwatch mode as it wants to give tax evaders the last chance till March 31. But once the deadline passes, they will start taking action against evaders.

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