Insta
Post Demonetisation: Tax Officials Uncover Rs 2,600 Crore Black Money, Seize Rs 393 Crore
Rs 1000 and Rs 500 notes (SANJAY KANOJIA/AFP/Getty Images)
Post the 8 November demonetisation of high-value currency, the government has uncovered concealed income to the tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases.
"We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases," the Income Tax Department said on Friday, adding that they have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore,
The department also said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month. Major modes of money laundering, according to the department, included using cash for purchase of bullion and jewellery, backdated receipts for transactions, and deposits made into Jan Dhan accounts and in shell companies.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest
