Demonetisation: I-T department seizes Rs 130 crore in cash & jewellery since Nov 8
The Income Tax Department (I-T) has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.
"The Income Tax Department has carried-out swift investigations in more than 400 cases since the demonetisation of old high denomination currency announced by the government on November 8, 2016.More than Rs 130 crore in cash and jewellery has been seized and approximately Rs 2,000 crore of undisclosed income has been admitted by the taxpayers," said the Finance Ministry statement.
ALSO READ: India abolishes larger banknotes in fight against graft, 'black money'
Detecting serious irregularities beyond the Income Tax Act, the Central Board of Direct Taxes (CBDT) decided to refer such cases to the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), enabling them to examine the criminal conduct for immediate necessary action, it said.
More than 30 such references have already been made to the ED, and are being sent to the CBI, it addded.
The cases referred from the Delhi unit include the Axis Bank, Kashmere Gate in which complicity of officers of the bank in the malpractices was detected, the statement said.
"The concerted and coordinated enforcement action of the Income Tax Department, ED and CBI in detecting the malpractices and taking swift action is going to continue in the coming days," it said.
ALSO READ: Demonetisation: ED arrests two private bank officers for money laundering
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
From Axis to IDFC First - These bank stocks can give bumper returns in 3-4 weeks – Check target price and stop loss
Rules Changing from June 1: Aadhaar card update, driving license, LPG price and others - Check Full List
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
SBI Senior Citizen FD Interest Rates 2024: What Rs 2 lakh, Rs 4 lakh, and 6 lakh, and Rs 8 lakh investments will give you in 1-, 3-, and 5-year FDs
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
Top 5 Defence PSU Stocks: Investors buying 1 unit of top PSU defence stock a month made Rs 40,299.40 on Rs 23,003.25 investment in 1 year
09:35 AM IST