Mumbai, Nov 8 (IANS): Massive cash deposits of Rs 3.68 lakh crore in 23.22 lakh (2.32 million) bank accounts are under suspicion post the demonetization move and are being investigated, Union Shipping Minister Nitin Gadkari said here on Wednesday.

Besides, around 17.73 lakh (1.77 million) cases have been detected where the cash transactions failed to match the income tax profiles of the individuals, he said.

"There is No 1 economy (white) and the No 2 (black) economy has been wiped out. We are moving towards a digital and cashless economy," Gadkari claimed, addressing mediapersons on the first anniversary of demonetization.

He pointed out that nowadays people are even making vegetable or grocery purchases through digital payments, toll plazas have gone cashless and people can pay through cashless mode in hotels and restaurants using debit or credit cards.

"Digital transactions have gone up by 58 per cent. There has been a total clampdown on terror and Left-wing extremism (Maoism) while hawala trading has been dealt a deathly blow," the Minister said.

Referring to other benefits, Gadkari said shell companies have been exposed and forced to wind up operations while many black money and hawala transactions have been detected which are being probed by the concerned agencies.

Referring to terror and Jammu & Kashmir, he said stone pelting has subsided considerably, while the problems of counterfeit currency has also been tackled and the economy will improve in the future.