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Rs 5,400 crore Undisclosed Income detected: Jaitley
By: Tupaki Desk | 12 April 2017 7:49 AM GMT
Finance Minister Arun Jaitley informed Rajya Sabha about Rs 5,400 crore undisclosed income detected by Income Tax department after the launch of demonetisation by carrying out 1,100 searches and surveys. 'Around 18 lakh people who's tax profiles didn't match the cash deposits during the 50-days demonetisation period were identified. A follow-up action has been taken and notices has been issued to them seeking information regarding the income source. Out of Rs 610 crore seized, Rs 513 crore has been in the form of cash. About Rs 110 crore of cash is in new currency,' he added.
Jaitley told Reserve Bank of India is still verifying the exact amount that came into the banking system after scrapping of 86% of old Rs 500 and Rs 1,000 notes. He further said, 'The exact figure will be revealed to the Nation once the process is completed'.
The Union Minister opines there is no official estimation about the black money stashed abroad. He went on to say 'Operation Clean Money' launched by IT Department during demonetisation has yielded good results.
Jaitley told Reserve Bank of India is still verifying the exact amount that came into the banking system after scrapping of 86% of old Rs 500 and Rs 1,000 notes. He further said, 'The exact figure will be revealed to the Nation once the process is completed'.
The Union Minister opines there is no official estimation about the black money stashed abroad. He went on to say 'Operation Clean Money' launched by IT Department during demonetisation has yielded good results.
