Rs 3,300 cr black income found since Nov 9, Rs 92 cr seized in new notes
Over Rs 3,300 crore of undisclosed income has been detected while Rs 92 crore worth new notes have been seized since November 9 by the income tax department as part of its country-wide operations against black money.black money crackdown Updated: Dec 22, 2016 15:12 IST
Over Rs 3,300 crore of undisclosed income has been detected while Rs 92 crore worth new notes have been seized since November 9 by the income tax department as part of its country-wide operations against black money.
Official sources said the taxman has carried out a total of 734 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared, even as the department issued over 3,200 notices to various entities on charges of tax evasion and hawala-like dealings, till Wednesday.
The department, they said, seized cash and jewellery worth Rs 500 crore during the same period even as the new currency seized — bulk of which is in the new Rs 2,000 notes — is valued at about Rs 92 crore.
About Rs 421 crore cash has been seized by the department of the total Rs 500 crore assets seized till now, they added.
“The total undisclosed income admitted or detected as part of this action, till December 20, is more than Rs 3,300 crore,” they said.
The agency has also referred over 220 cases to sister agencies like the Central Bureau of Investigation and the Enforcement Directorate to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.