Demonetisation effect: Nearly Rs 2,000 cr in unaccounted money admitted by taxpayers, says FM

The Ministry of Finance today said that approximately Rs 2000 crore of untaxed income has been disclosed since demonetisation. In a statement issued today, the ministry said that the Income-Tax department probed over 400 cases
Demonetisation effect - India TV Source: PTI
India TV Business Desk New Delhi December 06, 2016 19:40 IST

The Ministry of Finance today said that approximately Rs 2000 crore of untaxed income has been disclosed since demonetisation.

In a statement issued today, the ministry said that the Income-Tax department probed over 400 cases of alleged disproportionate assets and Rs 130 crore in cash and jewellery was recovered since Rs 500 and Rs 1000 notes ceased to be legal tender.

In over 30 cases, the Central Board of Direct Taxes (CBDT) found serious irregularities that are beyond the purview of the I-T Act; they have been referred to the ED and Central Bureau of Investigation.

It also states that Bengaluru saw the maximum number of references to Enforcement Directorate of seizures of high denomination demonetised notes.

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