IT Reveals Total Seized Black Money, Value Rs. 3600 Crore
By Vamsi Krishna N : 23-Dec-2016
Of the total black money that has been seized all across the country in several raids and operations since the demonetisation of Rs. 1000 and Rs. 500 notes has been taken on November 8, the IT department has announced the total seized black money to be valued at Rs. 3600 crore. Out of this amount, the undisclosed income is worth over Rs. 3590 crore in old and demonetised notes, and the more than Rs. 93 crore worth is in newly issued high end currency notes.
Since the demonetisation move taken by the government on November 8, the Income Tax department has issued a total of 3589 notices to various entities all across the nation on charges including tax evasion and hawala like dealings. Under the Provisions of Income Tax act, a total of 760 searches, survey and enquiry operations have been conducted until Wednesday by the officials of Income Tax department, according to the tax officials.
During the same period, the cash and jewellery that has been seized by the department valued to be worth of Rs. 505 crore and the money that has been seized in denominations newly issued currency notes is of total value of more than Rs. 93 crore.
In a statement made by the officials of the Income Tax department, they said that, “The total undisclosed income admitted or detected as part of this action, till December 21, is more than Rs 3,590 crore.”
In order to conduct investigations under other financial crimes like money laundering, disproportionate assets and corruption the Income Tax department as a part of its legal mandate has referred a total of 215 cases to the Enforcement Directorate (ED) and a total of 185 cases to the CBI department of India.