I-T dept to strictly take on depositors of unverified cash over Rs 5 lakh

New Delhi, Feb 22: Depositors of cash worth Rs 5 lakh or above, during the demonetisation period, who failed to verify the same will be taken on strictly by the Central Board of Direct Taxes (CBDT), as per a report published in Times of India.

However, the department may go easy on 'low-risk cases.'

The number comes at 18 lakh of people who have deposited more than Rs 5 lakh cash in their bank accounts without any electronic verification.

The report also mentions that action may also be taken against those who have repaid loans in cash, which attract 100 percent penalty.