The Income tax Department has launched a massive drive to unearth black money, which will continue in the coming days. This comes after the closure of the black money window of the Pradhan Mantri Garib Kalyan Yojna (PMGKY). The PMGKY provided a one-time opportunity to black money hoarders to come clean and its last date was March 31. Under the scheme, black money hoarders could get their black money legalized by paying tax and penalty, which together would amount to around 50% of the declared value of black money.
As part of its massive drive to unearth black money, the Income Tax Department today conducted more than 50 raids across the country. The first set of raids was conducted against a realty firm based in Ahmedabad. Tax authorities had prior information that black money worth more than Rs 100 crore was involved in transactions made by the company. Similar raids were conducted in Pune also against a company engaged in processing and trading of agricultural commodities. Such raids have become necessary since PMGKY scheme failed to elicit the desired response.