Rs 4,172 cr dirty money recovered since Nov 8, Rs 105 cr seized in new notes

The Income Tax department has detected over Rs 4,172 crore of undisclosed income since the launch of the demonetisation drive.
Rs 4,172 cr dirty money recovered since Nov 8, Rs...
India TV Business Desk New Delhi December 30, 2016 13:52 IST

The Income Tax department has detected over Rs 4,172 crore of undisclosed income since the launch of the demonetisation drive.

According to news agency PTI, the I-T has also seized new notes worth Rs 105 crore during its countrywide operations against black money hoarders after November 8, when the decision to scrap high-value currency was announced.

In total, the tax man conducted 983 searches, surveys and enquiry operations under the provisions of the Income Tax Act.

Besides, the department issued 5,027 notices to various entities on charges of tax evasion and hawala-like dealings.

The department, sources said, has seized cash and jewellery worth over Rs 549 crore during the same period even as the new currency seized (majority of them Rs 2,000 notes) is valued at about Rs 105 crore.

The total cash seizure, out of the total cash and jewellery, is Rs 458 crore, they added.

"The total undisclosed income admitted or detected as part of this action, till December 28, is more than Rs 4,172 crore," they said.

The agency has also referred a total of 477 cases to other 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.

With PTI Inputs

Related Tags: Income Tax
 
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