Post note ban, Rs 7,961-cr undisclosed income unearthed

income-tax

ince demonestisation in November last year, the Income-Tax Department unearthed undisclosed income of Rs 7,961 crore till March this year, Parliament was informed on Monday.

Minister of State for Finance Pon Radhakrishnan told the Lok Sabha in a written reply that following searches conducted on around 900 groups during this period, incomethe -tax officials seized assets worth over Rs 900 crore and secured admissions regarding undisclosed income of Rs 7,961 crore.

Besides, as per the data available with the National Crime Records Bureau (NCRB), after the ban on high-value currency notes, Fake Indian Currency Notes (FICN) of Rs 18.70-crore face value were seized by state police forces till November 30, 2017, as against Rs 15.70 crore seized during the same period a year ago.

“One year after the landmark move to cleanse the economy of black money, the successes of operations after demonetisation continued, with high-denomination notes brought down by 50 per cent of value in circulation, 50 lakh new bank accounts opened to enable cashless transaction of wages, 26.6 per cent increase in number of taxpayers added and 27.95 per cent increase in number of e-returns filed, 2.24 lakh shell companies were struck off and undisclosed income worth Rs 29,213 crore detected and admitted,” the Finance Ministry said in a separate statement on Monday.