Chennai, Mar 27: A businessman based in the Namakkal district, whose identity has not been revealed, has been reported to depositing around Rs 246 crore demonetised notes at an Indian Overseas Bank. The I-T officials were quoted stating that the businessman was being tracked for 15 days after the demonetised notes were deposited. The businessman tried to hide but later he agreed of joining the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay around 45 percent of the total deposited money as tax.
The Times of India quoted officials stating, “We were following him for more than 15 days after finding that he had deposited cash in a rural branch of the IOB. First, he tried to hide, but after a few days he agreed to join the Pradhan Mantri Garib Kalyan Yojana (PMGKY) and pay 45% of the total money as tax.”
After demonetisation, more than 200 individuals have deposited around Rs 600 crore unaccounted money in Tamil Nadu and Puducherry.It is been reported that around 28,000 suspicious accounts have been found by the I-T officials in Tamil Nadu and Puducherry and a mail has also been sent to the account holders asking for the details of the account. 
“Most of them have joined the PMGKY scheme, which comes to an end on March 31. We hope the total unaccounted money will go up to Rs. 1,000 crore before the month end. We are also warning people who are still not on board that the heat will increase from April 1,” an I-T official was quoted.
As per the PMGKY scheme, people with unaccounted money can deposit it through cash, cheque, electronically or through demand draft. Out of the total amount deposited, around 50 percent of the amount is taxed whereas 25 percent of the amount is kept with the Reserve Bank of India as a non-interest bond for four years. The rest 25 percent of the amount can be utilised with the person depositing the money.