Income Tax department detects Rs 3,300 crore black income; seizes Rs 92 crore new notes

Weeks after the Narendra Modi government banned use of old Rs 500 and Rs 1,000 notes, the Income Tax department has detected over Rs 3,300 crore of un-disclosed income while Rs 92 crore worth new notes have been seized it till now.

By Zee Media Bureau | Last Updated: Dec 22, 2016, 09:42 AM IST
Income Tax department detects Rs 3,300 crore black income; seizes Rs 92 crore new notes

New Delhi: Weeks after the Narendra Modi government banned use of old Rs 500 and Rs 1,000 notes, the Income Tax department has detected over Rs 3,300 crore of un-disclosed income while Rs 92 crore worth new notes have been seized it till now.

As part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government, the I-T department has consistently carrying out search and survey operations.

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 2000 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.

With PTI Inputs