Today in New Delhi, India
Dec 13, 2018-Thursday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Income tax dept detected undisclosed income of Rs 7,961 crore after note ban

Minister of state for finance Pon Radhakrishnan said the income tax department conducted searches on around 900 groups, wherein assets worth over Rs 900 crore were seized and undisclosed income of Rs 7,961 crore was admitted.

india Updated: Dec 18, 2017 20:06 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
Income tax,undisclosed income,note ban
Prime Minister Narendra Modi had announced demonetisation of Rs 1,000 and Rs 500 notes on November 8, 2016.(PTI)

The Income Tax department has unearthed undisclosed income of Rs 7,961 crore post demonetisation, from November last year to March, Parliament was informed on Monday.

In a written reply to the Lok Sabha, minister of state for finance Pon Radhakrishnan said the department, during this period, conducted searches on around 900 groups, wherein assets worth over Rs 900 crore were seized and undisclosed income of Rs 7,961 crore was admitted.

Prime Minister Narendra Modi on November 8, 2016 had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption.

The minister further said that as per the data available to NCRB (National Crime Record Bureau), after cancellation of legal character of specified bank notes, an amount of Rs 18.70 crore FICNs (fake Indian currency notes) have been seized by state police till November 30, 2017 as against Rs 15.70 crore seized in the year-ago period.

First Published: Dec 18, 2017 20:01 IST