Rs 112 cr new notes seized by I-T Deptt post-demonetisation

Source: The Hitavada      Date: 09 Jan 2017 08:36:36


Jan 8,


Over Rs 4,807 black money detected

OVER Rs 4,807 crore of undisclosed income has been detected while Rs 112 crore worth new notes have been seized by the Income Tax Department as part of its country-wide operations against black money hoarders post-demonetisation.

Official sources said that the taxman carried out a total of 1,138 search and survey under the provisions of the I-T Act since the note ban was declared on November 8 last year, even as the department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings. The department, they said, has seized cash and jewellery worth over Rs 609.39 crore during the same period even as the new currency seized (majorly Rs 2000 notes) is valued at about Rs 112.8 crore. The value of the seized jewellery in this is Rs 97.8 crore.

“The total undisclosed income admitted or detected as part of this action, till January 5, is Rs 4,807.45 crore,” they said.
The agency has also referred a total of 526 cases to its sister agencies like the CBI and the ED to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.