Post the November 8 demonetisation of high-value currency, the government has uncovered concealed income to the tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases, an official said on Friday.
“Admitted concealed income on the basis of our survey of data till date is Rs 2,600 crore,” Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said briefing reporters here on the demonetisation drive designed to curb black money, counterfeiting and financing of terrorism.
“We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases,” he said.
“We have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore,” added.
The head of India’s Income Tax Department said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.
He cautioned those trying to launder black money that the tax authorities were checking all data on deposits made in banks after November 8 and having these scrutinized by expert data analysts
“They should know that simply depositing cash does not turn black money into white. The Department is checking everything,” Chandra said.
The survey showed that the major modes of money laundering included using cash for purchase of bullion and jewellery, backdated receipts for transactions, and deposits made into Jan Dhan accounts and in shell companies, he added.