Rs 4,807 crore black income detected, Rs 112 crore of new notes seized

rs-2000-note

NEW DELHI, 9 Jan: Since the November 8 note ban announcement, India’s Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new currency worth Rs 112 crore, an official source said on Sunday.
Demonetisation was announced to unearth the black money, counterfeit currency and terror financing in the country. Post November 8, the tax authorities conducted 1,138 searches, survey and enquiry operations and have issued 5,184 notices to various entities on charges of tax evasion and currency dealing via hawala mediums, the source said.

The total undisclosed income admitted or detected till January 5 is more than Rs 4,807 crore, he added.

The official informed that cash and jewellery worth over Rs 609.39 crore has been seized during the same period, while the new currency seized is amounting to more than Rs 112 crore.

On December 16, the I-T Department had announced it had detected concealed income to the tune of Rs 2,600 crore and had seized a total of Rs 393 crore involving around 300 cases.

While speaking to reporters, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said: “We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases.

“We 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 head of India’s Income Tax Department also expressed that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.

Meanwhile, describing the currency deposited with banks after demonetisation as money that has lost its earlier “anonymity”, Union Finance Minister Arun Jaitley on Sunday said such deposits do not automatically become legitimate, and can now be identified with the owner for taxation purposes.

“Black money does not change its colour merely because it is deposited in bank. On the contrary, it loses its anonymity and can now be identified with its owner,” Jaitley wrote in a Facebook post titled “Demonetisation — A look back at the last two months”.

 Wefornews Bureau

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