4172 Crore Detected, 105 Crore New Notes!

Since PM Narendra Modi’s exemplary decision to ban high-value notes of Rs 1000, Rs 500 on Nov 8 night, over Rs 4,172 crore of un-disclosed income has been detected by the Income Tax department as part of its country-wide operations.

Out of which Rs 105 Crore are said to be the new currency. IT sleuths carried out 983 search, survey and enquiry operations against black money hoarders under the provisions of the Income Tax Act. demonetisation of two high value currencies by the government. Official sources said the tax man carried out a total of 983 search, survey and enquiry operations against the black money hoarders under the provisions of Income Tax Act.

That’s not all. The I-T department has issued 5,027 notices to various entities on charges of tax evasion and hawala-like dealings.Surat-Based Financier

The department said to have 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.

“The total undisclosed income admitted or detected as part of this action, till December 28, is more than Rs 4,172 crore,” IT officials said in a statement.

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.

People might have suffered to the core due to the decision that resulted in long queues outside banks, ATMs but it seems to be good to recover over Rs 4172 Crore  public money and add to the public exchequer. The moot question is how the Union Government is going to use all this money. That’s of course is a major challenge.

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