No official estimation of black money before or after demonetisation implementation: FM Arun Jaitley

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New Delhi | Updated: Dec 16, 2016 5:41 PM

Finance Minister Arun Jaitley, today asserted that there is no official estimation of black money either before or after the announcement of the anti-graft policy.

FM Arun Jaitley claimed that the Income tax department searches between April 2014 and November 2016 on 1,356 groups of assesses had led to the admission of Rs31,277 crore of undisclosed income. (PTI)FM Arun Jaitley claimed that the Income tax department searches between April 2014 and November 2016 on 1,356 groups of assesses had led to the admission of Rs31,277 crore of undisclosed income. (PTI)

As Prime Minister Narendra Modi, through the implementation of the demonetisation policy, had taken a major step to curb the flow of blackmoney in the country, Finance Minister Arun Jaitley, today asserted that there is no official estimation of black money either before or after the announcement of the anti-graft policy, following which there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000.

In a written reply to the Lok Sabha, the Finance Minister mentioned, “There is no official estimation of the amount of black money either before or after the government’s decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1000 shall cease to be legal tender with effect from November 9,”

Jaitley claimed that the Income tax department searches between April 2014 and November 2016 on 1,356 groups of assesses had led to the admission of Rs31,277 crore of undisclosed income aprt from the seizure of Rs 2,164 crore of undisclosed assets. Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.

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In a strong stand against black money in the country, Revenue Secretary Hasmukh Adhia, today announced that the tax disclosure scheme will be opening tomorrow and close on March 31, 2017 and the disclosures will attract 50 % tax and penalty. The declarations under the new black money disclosure scheme will be kept confidential.

Replying to another question on whether the government has received any proposal from the employees of LIC to provide another opportunity to those who have not chosen pension option earlier, Jaitley replied in affirmative.

“The proposal was examined and a view has been taken that no more options for pension may be extended to employees of public sector insurance companies,” he said.

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