Following a search conducted by the Income Tax Department of the Delhi unit on the Jain Co-operative Bank and on people associated with it, a total of more than Rs 120 crore deposited in the bank, was uncovered by officials. The I-T department suspects that most of the money deposited in the bank was black cash.
With just day left for the deposit of scrapped currency notes to the banks, sources close to the the Income Tax department had today confirmed that, post implementation of the demonetisation policy, the I-T department had detected undisclosed income of an amount Rs 4,172 crore and had also seized new notes worth Rs 105 crores during raids from across the country. I-T sources had also stated that from November 8 till December 28, the Tax department, during various operations against black money holders had taken 983 actions, including 500 surveys and 250 cases of seizures. The department had also issued 5,027 notices to various entities on charges of tax evasion and hawala-like dealings.
IT Dept conducting full-fledged probes with raid on JCB entering 5th day;On daily basis, subsequent raids & enquiries carried out-IT Sources
— ANI (@ANI_news) December 30, 2016
The department, they said, has seized cash and jewellery worth over Rs 549 crore during the same period even as the new currency seized (majority of them Rs 2000 notes) is valued at about Rs 105 crore. The total cash seizure, out of the total cash and jewellery, is Rs 458 crore, they added.
“The total undisclosed income admitted or detected as part of this action, till December 28, is more than Rs 4,172 crore,” they said.
The agency has also referred a total of 477 cases to other agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate. In yet another action against the circulation of black money in the country, the Police had, today, recovered old currency notes worth about Rs 1.2 crores from the naxal affected Bastar district of Chhattisgarh.