I-T department detects Rs 3k crore in black income, 86 crore worth new notes seized

Updated: Dec 21, 2016, 09:14 IST | Agencies

Department also seized Rs 86 crore worth new notes as part of its countrywide operations against black money

The department has detected crores worth of new notes, mostly in Rs 2,000. Representation pic
The department has detected crores worth of new notes, mostly in Rs 2,000. Representation pic

New Delhi: Over Rs 3,185 crore of undisclosed income has been detected while Rs 86 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government. “The total undisclosed income admitted or detected as part of this action, till December 19, is more than Rs 3,185 crore,” they said.

Referred cases
The agency has also referred over 220 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. Officials said various tax offices in the country and it’s policy-making body Central Board of Direct Taxes (CBDT) are also coordinating with banks and their regulator RBI as part of these investigations, being carried out to check tax evasion and illegal profiteering leading to black money.

Deposit seized currency
Meanwhile, the headquarters of these probe agencies have issued orders to all their field formations to deposit the new currency, being seized by their officials in operations, in bank accounts rather than keeping it in strong rooms. “This way the new currency can come into circulation and help banks dispense it to the public,” they said.

Cash-strapped people vandalise banks
Facing shortage of cash after demonetisation, a group of angered customers pelted stones at the SBI branch in Kakroli village in Uttar Pradesh, police said yesterday. In a similar incident at Fatehpur village, customers vandalised the branch of UP Gramin Bank yesterday after they were unable to get cash, police said. People blocked the Shahpur-Kandhla road here after the bank in their area ran out of cash, police said.

Enough currency with RBI to last beyond December 30: Jaitley
The Reserve Bank was fully prepared to deal with currency shortages post demonetisation and has enough currency in its chests to last “far beyond” December 30, Finance Minister Arun Jaitley said yesterday. He said RBI has maintained the stock of currency through advance as well as current printing level. Asked about the currency in circulation, Jaitley said the figures will be made public only post calculation after December 30, the last date for depositing the scrapped currency in banks.

Black and white

677
Search, survey and enquiry operations conducted

220
Cases I-T has referred to its sister agencies like CBI and ED to probe other financial crimes

3,100
Notices issued to various entities on charges of tax evasion and hawala-like dealings

Rs 428 cr
Seized in cash and jewellery

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