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16
December 2016
Post the November 8 demonetisation
of high-value currency, the government has uncovered concealed income to the
tune of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly
300 cases, an official said on Friday. The Total Investment & Insurance
Solutions
"Admitted concealed income on
the basis of our survey of data till date is Rs 2,600 crore," Central
Board of Direct Taxes (CBDT) Chairman Sushil Chandra said briefing reporters
here on the demonetisation drive designed to curb black money, counterfeiting
and financing of terrorism. The Total Investment & Insurance
Solutions
"We have conducted searches and
seizures in about 291 cases, carried out surveys in 295 cases," he
said. The
Total Investment & Insurance Solutions
"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," added. The Total Investment & Insurance Solutions
The head of India's Income Tax
Department said that 3,000 notices have been issued on the basis of their
analysis of deposits made since demonetisation was announced last month.
He cautioned those trying to launder
black money that the tax authorities were checking all data on deposits made in
banks after November 8 and having these scrutised by expert data analysts
"Assessees should know that
simply depositing cash does not turn black money into white. The Department is
checking everything," Chandra said. The Total Investment & Insurance
Solutions
The survey showed that the major
modes of moneylendering included using cash for purchase of bullion and
jewellery, backdated receipts for transactions, and deposits made into Jan Dhan
accounts and in shell companies, he added.The Total Investment & Insurance
Solutions
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