Demonetisation Added Undisclosed Amount of Rs 5200 Crores to Exchequer, Says Finance Ministry
Apart from issuing more than 5100 verification notices in the cases of suspicious high-value cash deposits or related activities.
New Delhi, July 21: Minister of State for Finance and Corporate Affairs Arjun Ram Meghwal in a written reply in Lok Sabha on Friday said the Income Tax department unearthed an undisclosed amount of Rs. 5200 crores during the period of demonetisation. Meghwal also said more than 1100 searches and surveys were conducted by the department.
Apart from issuing more than 5100 verification notices in the cases of suspicious high-value cash deposits or related activities. These actions led to seizure of valuables of more than Rs. 610 crore which includes cash 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. 5400 crore.
Operation Clean Money was launched on 31st January 2017 with the mission to “Create a tax compliant society through a fair, transparent and non-intrusive tax administration where every Indian takes pride in paying taxes”. In the process, about 18 lakh persons were identified whose cash transactions did not appear in line with their tax profile.
Such persons were approached through SMS/email (non-intrusive method without even a notice).The contacted persons were required to submit their responses by logging into a specified website. As an outcome, more than 9.27 lakh responses were received providing information on 13.33 lakh accounts involving cash deposits of around Rs.2.89 lakh crores.
Appropriate action under direct tax law in the remaining cases has been taken. Subsequently, advance data analytics tools were deployed and 5.56 lakhs new cases were identified for online verification.
The data available from the National Crime Records Bureau (NCRB) indicates that 1,57,818 numbers of Fake Indian Currency Notes (FICN) having a face-value of Rs.11,24,04,980 have been reported by States/UTs Police Between November 9 and July 14.
Published Date: July 21, 2017 8:10 PM IST
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