In wake of demonetisation drive, seizures of unaccounted income are coming in fast and furious as the authorities get cracking. Some of these have been mundane, but some have been real eye-ball grabbers.
In wake of demonetisation drive, seizures of unaccounted income are coming in fast and furious as the authorities get cracking. Some of these have been mundane, but some have been real eye-ball grabbers. Among the latter is one involving a driver. As soon as an amount of Rs 7 crore of deposits was found in a Hyderabad Uber cab driver’s State Bank account, it created a sensation in the city. The Income-Tax officials found Rs 7 crore deposited in his account which were deposited in the old Rs 500 and Rs 1,000 currency notes. The deposits also came up as a surprise, as since last five years not a single rupee was deposited in his account. During an interrogation, an I-T source said that when officials confronted the cab driver about the deposits and transfers from his account to the bullion trader, he could not explain the sources of the cash deposits.
According to reports, two people came to deposit the money in the cab driver’s account, though when they were taken into police custody, they confessed to be accomplices of the driver. They have reportedly agreed to pay tax for Rs 7 crore under the Prime Minister Gareeb Kalyan Yojana (PMGKY) scheme and under this, offenders have to pay about Rs 3.5 crore as tax plus penalty and deposit 25 per cent of the amount in the bank account, which will remain blocked for four years without any interest.
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Post demonetisation of two high value currencies by the government, the IT department has detected over Rs 3,590 crore of un-disclosed income while more than Rs 93 crore in new notes have been seized as part of its country-wide operations against black money hoarders. As per the reports by The Indian Express, during the searches, the IT department referred around 400 cases to Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for further investigation.
Meanwhile, several raids are also being carried out. In one of the recent incident, a raid was conducted at the residence of businessman Rup Chand Prasad in Naya Bazar in Siliguri, West Bengal. The Enforcement Directorate has also been carrying out searches and inquiry at various places in the wake of de-monetisation. The I-T department on the other hand has asked its field formations to coordinate with local police who are also making huge cash and jewellery seizures and to understand the complete modus operandi of black money generation post demonetisation.