‘Note Ban’ Turns Two Months

Old currency notes of Rs 500 and 1000 . (File Photo: IANS)
Old currency notes of Rs 500 and 1000 (File Photo: IANS)

An official source said that following the demonetisation of high-value currency announced on November 8, India’s Income Tax Department has detected undisclosed income of over Rs 4,807 crore and seized new notes worth Rs 112 crore….reports Asian Lite News

Old currency notes of Rs 500 and 1000 . (File Photo: IANS)
Old currency notes of Rs 500 and 1000 (File Photo: IANS)

Since the demonetisation intended to eliminate black money, counterfeit currency and terror financing, the tax authorities carried out 1,138 search, survey and enquiry operations and have issued 5,184 notices to various entities on charges of tax evasion and currency dealing through hawala channels, the source said.

The total undisclosed income admitted or detected till January 5 is over Rs 4,807 crore, he added.

According to the official, cash and jewellery worth over Rs 609.39 crore has been seized during the same period, while the new currency seized is valued at more than Rs 112 crore.

On Decmber 16, the I-T Department had announced it had uncovered concealed income to the tune of Rs 2,600 crore and had seized a total of Rs 393 crore involving nearly 300 cases.

Briefing reporters here, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said: “We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases.

“We have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore.”

The head of India’s Income Tax Department also said that 3,000 notices have been issued on the basis of their analysis of deposits made since demonetisation was announced last month.

Meanwhile, describing the currency deposited with banks following demonetisation as money that has lost its earlier “anonymity”, Union Finance Minister Arun Jaitley on Sunday said such deposits do not automatically become legitimate, and can now be identified with the owner for taxation purposes.

“Black money does not change its colour merely because it is deposited in bank. On the contrary, it loses its anonymity and can now be identified with its owner,” Jaitley wrote in a Facebook post titled “Demonetisation — A look back at the last two months”.