Black money crackdown: The Delhi Directorate of Income Tax Department today raided a private vault in the nation's capital in South Extension and seized a huge amount of gold and cash.
Black money crackdown: The Delhi Directorate of Income Tax Department today raided a private vault in the nation’s capital in South Extension and seized a huge amount of gold and cash. The private vault is in South Extension and is named U&I vault. Cash and bullion worth a total of Rs 15 crore was seized from the vault according to news agency ANI. The raid is still going on whereas the lockers in the private vault have been sealed by the Delhi Directorate of Income Tax. This is the first of such cases that have been highlighted in 2018 till now. In the wake of demonitisation of Rs 500 and Rs 1000 notes by Prime Minister Narendra Modi on November 8, 2016 a crackdowndown against black money holders was launched . The I-T department had conducted 900 searches between November 9, 2016, and March this year, leading to seizure of assets worth Rs 900 crore, including Rs 636 crore in cash.
The searches led to the disclosure of Rs 7,961 crore undisclosed income, according to the official data. During the same period, the department conducted 8,239 survey operations leading to detection of Rs 6,745 crore of black money, it had said, according to PTI.
Further details awaited.