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Post Demonetisation: Tax Officials Uncover Rs 2,600 Crore Black Money, Seize Rs 393 Crore
Swarajya Staff
Dec 17, 2016, 09:01 AM | Updated 09:01 AM IST
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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.
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