Due to the recent demonetization of higher value notes, people in Telangana and Andhra Pradesh are finding new ways to escape the system.
Telangana has witnessed a sudden decrease in the number of ‘Zero Balance Accounts’ of Pradhan Mantri Jan Dhan Yojna from 26 lakh to 23.6 lakh. Nearly 2.5 lakh accounts were suddenly awash with cash to keep unaccounted money.
In Andhra Pradesh, the accounts decreased from 19.5 lakhs to 17.3 lakhs.
After the announcement of demonetization on November 8, the zero balance accounts dropped drastically in both the states after banks reopened on November 10 and 11.
Due to this sudden inflow of cash, finance minister Arun Jaitley has promised an inquiry into the matter.
“We cannot attribute every account to parking black money. The one reason for decrease in zero balance account may be because no one has the option to exchange currency except depositing in bank account. However, what raises suspicion are deposits beyond Rs. 10,000, which is normally not the case among these sections,” a bank official told Deccan Chronicle.