IT Department Unearths Undisclosed Income Of Rs 7,961 Crore
The Income Tax Department has unearthed undisclosed income of Rs 7,961 crore post demonetisation, from November last year to March, Parliament was informed today.
In a written reply to the Lok Sabha, Minister of State for Finance Pon Radhakrishnan said the department, during this period, conducted searches on around 900 groups, wherein assets worth over Rs 900 crore were seized and undisclosed income of Rs 7,961 crore was admitted.
Prime Minister Narendra Modi on Nov. 8, 2016 had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption.
The minister further said that as per the data available to the National Crime Record Bureau, after cancellation of Legal Character of Specified Bank Notes, an amount of Rs 18.70 crore Fake Indian Currency Note have been seized by State Police till Nov. 30, 2017 as against Rs 15.70 crore seized the year-ago period.
Also Read: Everything You Need To Know About The Note Ban And Its Impact - BQ Explains
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