Demonetization digest: People depositing above Rs 2.5 lakhs started receiving show cause notices and other stories

PM Modi's move to scrap out old Rs 500 and Rs 1000 notices have invited criticisms from various quarters. With the SBI chief Arundhati Bhattacharya saying that even top bankers had no idea of this move to economists signaling a staggering growth in the next quarter, this move seems to be one that the government never expected it to be. However, good thing is there are news reports coming from around the country that people having deposited unexplained amount of money above Rs 2.5 lakh are already sent show cause letters by the Income Tax dept.

Here are the details of demonetization consequence recently.