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Rs 3,185 cr black cash dug up in 677 i-t raids

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V.Balasubramani

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Short staffed... and over worked... IT Officials really go the extra mile..

[h=2]RS 3,185 CR BLACK CASH DUG UP IN 677 I-T RAIDS[/h]In its country-wide operations against black money hoarders post demonetisation, the Income Tax (I-T) department has so far detected over Rs 3,185 crore of undisclosed income and seized Rs 86 crore worth new notes, said official sources on Tuesday.
According to the sources, taxmen carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8.

Besides, the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings, they added.

The department, the sources said, has seized cash and jewellery worth over
Rs 428 crore till December 19 even as the new currency seized, majorly Rs 2,000 notes, is valued at about Rs 86 crore. “The total undisclosed income admitted or detected as part of this action, till December 19, is more than Rs 3,185 crore,” they added.

The department 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.
“Various tax offices in the country and its policy-making body Central Board of Direct Taxes (CBDT) are also coordinating with banks and their regulator Reserve Bank of India (RBI) as part of these investigations, being carried out to check tax evasion and illegal profiteering leading to black money,” the officials said.

Meanwhile, almost all 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.

Read more at: http://www.dailypioneer.com/todays-newspaper/rs-3185-cr-black-cash-dug-up-in-677-i-t-raids.html
 
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