I-T raids post note ban: Rs 3300 cr in unaccounted income, Rs 92 cr in new notes seized

Over Rs 3,300 crore of undisclosed income has been detected while Rs 92 crore worth new notes have been seized till now by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation drive.
I-T raids post note ban: Rs 33,000 cr in...
India TV Business Desk New Delhi January 09, 2017 6:30 IST

Over Rs 3,300 crore of undisclosed income has been detected while Rs 92 crore worth new notes have been seized till now by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation drive.

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 on November 8, even as the department has issued over 3,200 notices to various entities on charges of tax evasion and hawala-like dealings, till yesterday.

The department, they said, has seized cash and jewellery worth Rs 500 crore during the same period even as the new currency seized (majorly Rs 2,000 notes) is valued at about Rs 92 crore.

About 421 crore cash has been seized by the department out 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 its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.

 
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