After the Demonetisation, the Income Tax department is very active and raided several parts of the country. After the ban of the higher value currency in India, over Rs 3,185 crore of undisclosed income has been detected. New notes currency worth Rs 86 have been seized by the Income Tax department.
According to the official sources that since the demonetisation on 8th November 2016, the IT Department carried out a total of 677 raids under the provisions of the Income Tax Act and Income Tax department has also issued 3,100 notices to various entities on charges of tax evasion.
During the operations, the IT department has seized cash and jewellery worth over Rs 428 crore. The officials said that till 19th December, the total undisclosed income is detected more than Rs 3,185 crore.
Income Tax Department also also transferred over 220 cases to CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption.
The Headquarters of these probe agencies have issued orders to all their field formations to deposit the new currency which are seized by their officials in operations, in bank accounts. After depositing the seized money in the banks, the new currency can come into circulation and help banks dispense it to the public.
The Income Tax Department has asked its field officials to coordinate with local police to understand the complete modus operandi of black money generation post demonetisation.
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