Black money fight: The demonetisation drive has played out its most extreme parts and gradually normalcy is returning – the queues in front of banks and ATMs are getting shorter and in places they have virtually disappeared. While analysts argue about the long-term implications of the move, whether the country and its economy gained anything from it or not, the Income-Tax department has kept itself busy hunting down recalcitrant elements in society that have been trying to evade the note ban and launder their ill-gotten wealth and transform it into legitimate money. Almost every day there have been raids launched, many times multiple ones, by the taxman and authorities in an attempt to ensure that black money is weeded out of the Indian financial system and send a strong message for the future. Now authorities are taking stock and the stats show that success had been quite big. A number of arrests have been made and spectacular amounts of cash and valuables have been seized. With PM Narendra Modi also hinting at a crackdown against benami property, the mischief-makers will continue to face a torrid time. Check out what the Income-Tax department revealed today about the mammoth seizures they have made over the weeks.
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1. 1,100 actions taken by Income-Tax Dept post demonetisation till Jan 1st. This include 556 surveys, 253 searches & 289 cases of seizures: IT Sources
2. During the surveys and searches Income-Tax Dept made seizure of Rs 562 crore. This include new currency notes of Rs 110 crore: IT Sources
3. Income-Tax Dept detected total undisclosed income of Rs 4,663 crore till 1st January: IT Sources
4. During this period Income-Tax Dept sent 5062 notices for verifications. Around 500 references made to CBI & Enforcement Department: IT Sources