The Income Tax (I-T) Department has uncovered undisclosed income of more than Rs. 5,400 crore in over a thousand search operations carried out since the November 8 demonetisation of high-value cash, Parliament was informed on Friday.
“Amid the period from November 9, 2016 to January 10, 2017, more than 1,100 hunts and surveys were conducted by the I-T Department apart from issuing more than 5,100 verification notices in the cases of suspicious high value cash deposits or related activities,” Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha in a written reply.
“These actions led to seizure of valuables of more than Rs. 610 crore, which includes money of Rs. 513 crore. Seizure of cash in new currency notes was about Rs. 110 crore. The undisclosed income detected in these actions was more than Rs. 5,400 crore,” he said.
“The data available from the National Crime Records Bureau shows that 1,57,818 numbers of fake Indian currency notes having a face-value of Rs. 11,24,04,980 have been reported for by states/UTs police for the period 9.11.2016 to 14.7.2017,” he included.
A week ago, the Income Tax Department turned out with the second list of 5.56 lakh account holders under its ‘Operation Clean Money’, who will be asked to explain the high cash deposits, discovered inconsistent with their tax profiles, made amid the note ban.
This is the second list from the Income Tax department. The prior list had identified 17.92 lakh individuals, who were asked to explain the sources large cash deposited by them.
These lists are a piece of the department’s ‘Operation Clean Money’, in which data analytics has been made use of to analyse the information got between November 9 and December 30, 2016.
From the prior list, the department has identified a total of 1.04 lakh people, who did not uncover all bank accounts during e-verification.
Out of the 17.92 lakh individuals identified earlier for e-verification of large cash, 9.72 lakh had presented the online reaction.