Black money: 18 lakh people identified across India, they now face action by I-T dept

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New Delhi | Published: August 31, 2017 11:01:00 AM

Black money: The Reserve Bank of India (RBI) in its annual report released on Wednesday gave some shocking data related to the demonetisation move by the Narendra Modi government. However, one significant figure that failed to catch the eye of people is that the Income Tax department has identified 18 lakh persons whose cash transactions are not in line with their tax profile.

Operation Clean Money, clean money, rbi, rbi annual report, rbi report, rbi report 2017, rbi on demonetisation, rbi demonetisation report, reserve bank of india, rbi demo, economy news, latest newsThe income tax department has identified 18 lakh persons whose cash transactions are not in line with their tax profile. (Source: IE image)

Black money: The Reserve Bank of India (RBI) in its annual report released on Wednesday gave some shocking data related to the demonetisation move by the Narendra Modi government. However, one significant figure that failed to catch the eye of people is that the Income Tax department has identified 18 lakh persons whose cash transactions are not in line with their tax profile. These people were identified by the I-T department through Operation Clean Money which was launched by the agency on January 31 this year. The department said that it received more than 9.27 lakh responses from such persons giving information on 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore.

The report also identified 1 lakh people who have not responded to the tax notices under the Operation Clean Money. All these people are now under the scanner of the I-T department, Apart from this, the operation also helped in identifying 5.56 lakh new cases for verification through advanced data analytics tools. All these figures came out after the government’s decision to demonetise old Rs 500 and Rs 1000 notes to curb the menace of black money and fake notes by reducing the amount of cash available in the system.

Meanwhile, the RBI report revealed that Rs 15.28 lakh crore, or 99 per cent of the junked 500 and 1,000 rupee notes, have returned to the banking system. This was the first time when the Reserve Bank disclosed numbers related to demonetisation. It said in its annual report for 2016-17 that only Rs 16,050 crore out of the Rs 15.44 lakh crore of the old high denomination notes has not returned.

While the counterfeit currency made up for a minuscule number, RBI post-demonetisation spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

 

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