Unaccounted Rs 12 cr cash seized since Dec 24

Last Updated: Tuesday, January 24, 2012 - 15:58

Chandigarh: Income Tax department here has
so far seized unaccounted Rs 12 crore cash since the model
code of conduct was enforced in Punjab ahead of the Assembly
elections.

"Of the total cash confiscation of Rs 28 crore from
various parts of Punjab by State Static Surveillance teams
since December 24 last year when the model code of conduct
came into force, Rs 12 crore were unaccounted money," a senior
Income Tax official said.

"The amount which has been seized is mainly unaccounted
business income from trading, manufacturing and real estate
sector," he said, adding that rest of the money was returned
after carrying out due verification.

The industrial city Ludhiana tops the list of cities
where maximum amount of black money has been unearthed by the
Income Tax department.

"After Ludhiana, maximum amount of unaccounted cash was
confiscated from Patiala and Mohali," the official said.
However, the department did not find any cash which was
to be used in elections to bribe voters.

"Our motive is to seize cash which is unexplained. It is
very difficult to ascertain the cash so seized was to be
misused in elections," the official said.

PTI



First Published: Tuesday, January 24, 2012 - 15:58

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