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  1. Demonetisation effect: Rs 2000 crore worth of undisclosed income admitted by taxpayers, says Finance Ministry

Demonetisation effect: Rs 2000 crore worth of undisclosed income admitted by taxpayers, says Finance Ministry

he Finance Ministry on Tuesday released a statement which showed that approximately Rs 2000 crore of undisclosed income was admitted by taxpayers since the announcement of demonetisation.

By: | Published: December 6, 2016 5:42 PM
demonetisation, demonetisation news, demonetisation update, demonetisation effects, Incme tax department, IT raid, income tax raid, 5.7 crore raided The Income Tax Department has carried out investigations into more than 400 such cases since the announcement and seized Rs 130 crore in cash and jewellery. (ANI)

The Finance Ministry on Tuesday released a statement which showed that approximately Rs 2000 crore of undisclosed income was admitted by taxpayers since the announcement of demonetisation. The statement also noted that the Income Tax Department had carried out investigations into more than 400 such cases since the announcement and seized Rs 130 crore in cash and jewellery. It also states that Bengaluru saw the maximum number of references to Enforcement Directorate of seizures of high denomination demonetised notes.

Soon after the high-value currency notes were demonetised by the government, finance minister Arun Jaitley had been continuously repeating that the Centre is monitoring the suspects of black money. Earlier, Hyderabad police confirmed the detention of 5 people, including a woman with Rs 95 lakh of unexplained cash, out of which Rs 18,000 was in the new denomination currency notes. This comes after a day of the Income Tax department seizing crores from several premises in Bengaluru among other locations across the country. The search operation launched by over 50 Income Tax officials recovered Rs 5.7 crore in Rs 2000 currency notes. Seven kilogrammes of gold bullion, worth Rs 2 crore was also recovered by the IT officials from a civil contractor.

The I-T officials called it ä highest seizure of the new currency in the country post demonetisation. “Some entry operators and bankers in Karnataka and Tamil Nadu are under the scanner. Such volume of new currency cannot be obtained without the connivance of bank officials,” a senior I-T department official told PTI. However, the shocking part of the incident was that a major portion of the amount was in Rs 2,000 currency notes that were introduced on November 8 by RBI Governor Urjit Patel post announcement of demonetisation of Rs 500 and Rs 2,000 notes by Prime Minister Narendra Modi.

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  1. S
    Shiva
    Dec 7, 2016 at 12:36 am
    Economists are divided on the Demonetization but none of the economic policies are applied in the last 15 years. This was a masterstroke by Narendra Modi, not only to curb black money but also hit nail on many other problems like Naxalites, J&K funding, AAP, and so on. Above all, it has shown that NAMO govt is very serious about corruption. So he will have a clean and no-fear government for next 10-15 years. It will really help create jobs, self reliant and so on.
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