Demonetisation: Income Tax department seizes Rs 3,185 crore black money, Rs 86 crore in new notes

New Delhi: Waging war against black money hoarders, the Income Tax department has uncovered more than Rs 3,185 crore of black money and seized Rs 86 crore worth new notes in its country-wide drive since the demonetisation of high denomination Rs 500 and Rs 1,000 notes on November 8.

News agency PTI attributing to official sources said the taxman carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.

The report added that the IT department  has seized cash and jewellery worth over Rs 428 crore during the same period even as the new currency seized (majorly Rs 2000 notes) is valued at about Rs 86 crore.

"The total undisclosed income admitted or detected as part of this action, till December 19, is more than Rs 3,185 crore," they said.

The agency has also referred over 220 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.

The tax officials including Central Board of Direct Taxes (CBDT), banks and regulator RBI are closely coordinating to check tax evasion and illegal profiteering leading to black money.

The tax officials have also been directed to deposit the new currency detected to banks so that it can be utilised to disburse to common public.