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After Demonetisation – Rs 4810 crore black money seized, Rs 112 crore in new currency

After Demonetisation – Rs 4810 crore black money seized, Rs 112 crore in new currency :- After the demonetisation, Over Rs 4,810 crore of undisclosed income has been detected while Rs 112 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders.

As per the sources of Official sources that the IT department carried out a total of 1,138 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on 8th November last year. The department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings.

The officials said that the department has seized cash and jewellery worth over Rs 609.39 crore during the same period even as the new currency seized (mainly in Rs 2000 notes) is valued at about Rs 112.8 crore. The value of the seized jewellery is Rs 97.8 crore.

they said that the total undisclosed income admitted or detected as part of this action, till January 5, is Rs 4,807.45 crore.

The agency has also referred 526 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.

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