New Delhi: The I-T department is "verifying" over Rs 4.5 lakh crore of suspicious deposits made by 18 lakh people post note ban and will send ‘non-statutory’ letters to those who have not responded to its SMS and e-mail queries seeking explanation.

Big Data analysis by the tax department has revealed that deposits of over Rs 2 lakh totalling Rs 10 lakh crore were made in about 1 crore bank accounts in the 50-day window after the demonetisation decision that cancelled 86 per cent of currency in circulation.