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  1. Income-Tax dept raids Sri Lal Mahal Basmati Rice owner, seizes assets worth Rs 500 cr

Income-Tax dept raids Sri Lal Mahal Basmati Rice owner, seizes assets worth Rs 500 cr

Income-Tax Department has launched raids on owner of Sri Lal Mahal Basmati Rice in Gurugram and reportedly assets worth Rs 500 crore have been seized including Rs 120 crore in cash, a Doordarshan report revealed.

By: | Updated: January 3, 2017 12:12 PM
The raids by the I-T Dept and Enforcement Directorate have been launched almost on a daily basis ever since PM Narendra Modi announced the demonetisation drive. (Reuters) The raids by the I-T Dept and Enforcement Directorate have been launched almost on a daily basis ever since PM Narendra Modi announced the demonetisation drive. (Reuters)

Income-Tax Department has launched raids on owner of Sri Lal Mahal Basmati Rice in Gurugram and reportedly assets worth Rs 500 crore have been seized including Rs 120 crore in cash, a Doordarshan report revealed. The raids by the I-T Dept and Enforcement Directorate have been launched almost on a daily basis ever since PM Narendra Modi announced the demonetisation drive that banned Rs 500 and Rs 1000 notes. The strategy of the authorities is to catch all those involved in the generation of black money – these high denomination notes were the currency notes of choice as they saved space and allowed large transactions to be carried out with ease. Huge amounts of cash and other valuables, from gold to silver are being unearthed in this drive from across India.

Since November 8, when PM Modi first announced the drive, according to Income-Tax Dept, 1,100 actions have been taken till January 1. This includes 556 surveys, 253 searches and 289 cases of seizures.

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According to the department, during the surveys and searches, seizures have been effected of an amount of Rs 562 crore – including new currency notes worth Rs 110 cr. The dept also revealed that it detected total undisclosed income worth as much as Rs 4,663 crore till 1st January. Dept added that during this period it sent 5062 notices for verifications and some 500 references were made to CBI and Enforcement Department for further action.

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