Rs 2,614 cr undisclosed income admitted since note ban, Rs 79 cr in new currency seized: I-T sources

Ever since the government’s announcement of currency demonetisation on November 8, the Income Tax department has carried out a record number of searches across the country digging out enormous amount of ‘unaccounted wealth’.
Rs 2,900 cr seized in I-T dept’s 586 raids... Source: REPRESENTATIONAL IMAGE
India TV Business Desk New Delhi December 16, 2016 16:02 IST

A staggering Rs 2,614 crore has been admitted as undisclosed income since the decision to demonetise high-denomination currency was announced by the government, sources in the Income Tax department said today.

According to the tax department, a total of Rs 316 crore and new currency worth Rs 79 crore has been seized till December 14. The seizures and admissions have been a result of 586 actions taken by the I-T department since November 8 when the decision was announced.

Ever since the government’s announcement of currency demonetisation  the Income Tax department has carried out a record number of searches across the country digging out enormous amount of ‘unaccounted wealth’.

The biggest seizure has been from Tamil Nadu where the tax department recovered more than more than Rs 100 crore was recovered in cash in one single search in Chennai. So far, the total cash seizure from Tamil Nadu has been in excess of Rs 140 crore besides gold seizure worth Rs 52 crore.  

In another major seizure, I-T sleuths recovered about Rs 14 crore in cash from a lawyer’s premises in Delhi, who had earlier declared unaccounted income of Rs 125 crore in October. Another Rs 19 crore was recovered from his bank accounts. 

I-T raids on Thursday at Axis Branch in Noida sector 51 unearthed 20 accounts of allegedly fake companies with deposits of over Rs 60 crore. 

On December 9, the Income-Tax department had discovered 44 fake bank accounts operating in the Chandni Chowk branch of Axis Bank in New Delhi. According to reports, a total of Rs 70 crore was allegedly found in these fake accounts.

On Wednesday, the raids on bank of Maharashtra in Pune revealed that 15 lockers were acquired by one person in August at the bank’s Parvati branch. The 15 lockers yielded Rs 9.85 crore in cash - Rs 8 crore in new Rs 2,000 notes and the rest in Rs 100 notes. Related searches by I-T officials in the city yielded another Rs 94.50 lakh of which Rs 80 lakh was in new currency notes.  

 
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