Tax dept seizes Rs 130 cr cash, jewellery post demonetisation

Updated: Dec 07, 2016, 14:44 IST | Agencies

The Income Tax department also says that Rs 2,000 crore of undisclosed income has been admitted by tax payers


The RS 4.7-crore cash in new currency seized by I-T dept in Bengaluru

New Delhi: Cash and jewellery worth Rs 130 crore have been seized and Rs 2,000 crore of undisclosed wealth has been admitted by taxpayers post demonetisation, the I-T Department said yesterday, adding that over 30 cases have been referred to ED and CBI for further investigations.

The department has carried out "swift investigations" in more than 400 cases since November 8, a Central Board of Direct Taxes (CBDT) statement said, adding that concerted action is being taken by the department, ED and CBI in detecting malpractices.

"Detecting serious irregularities beyond the Income-Tax Act, the CBDT decided to refer such cases to the Enforcement Directorate and the CBI, enabling them to examine the criminal conduct for immediate necessary action. More than 30 such references have already been made to the ED, and are being sent to the CBI," it said.

"More than Rs 130 crore in cash and jewellery has been seized and approximately Rs 2,000 crore of undisclosed income has been admitted by the taxpayers," it added.

Prime Minister Narendra Modi on November 8 announced demonetisation of 500 and 1000 rupee notes and asked holders of such currencies to deposit it in bank accounts by December end.It is estimated that over Rs 14 lakh crore of such high value currency notes were in circulation.

Russia protests
Demonetisation is taking a toll on Indian diplomacy, with Russia lodging a strong protest over cash shortage affecting the functioning of its embassy in Delhi and threatening retaliatory action.

Pressing the External Affairs Ministry to intervene to get restrictions on cash withdrawals by Russian diplomats lifted, its Ambassador Alexander Kadakin has written to it saying embassy's normal functioning was getting impacted with the "inadequate" amount limit of Rs 50,000 per week.

State Bank of India has informed the Embassy that the cash withdrawal limit available to the Embassy is now Rs 50,000 per week under the government of India directives with no exceptions unless otherwise advised by the RBI, his letter said.

Rs 14L cr
The number of the demonetised high value notes that were in circulation

Rs 50k
The cash withdrawal limit available every week to the Russian embassy

30
The cases of undisclosed wealth that have been referred to ED and CBI

400
The I-T department has carried out "swift investigations" in these number of cases

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