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Rs 600 crore cash recovered by Income Tax Department post note ban

In a written reply to Rajya Sabha today, finance minister Arun Jaitley informed that the Income Tax department has seized cash and valuables amounting to Rs 600 crore, post the demonetization of Rs 500 and Rs 1000 currency notes. The cash and valuables were seized during search and survey operations conducted by the Income Tax Department post the note ban. Such operations were conducted during the two month period ending January 10, 2017. The Income Tax Department carried out more than 1,100 searches based on intelligence reports.

Jaitley said that during the same period, notices were sent to more than 5,100 entities. These notices were sent to verify suspicious high value cash deposits made in bank accounts. The information regarding these operations was shared with other government agencies such as CBI and the Enforcement Directorate to ensure that proper action can be taken against corrupt people. Jaitley also said that the drive against black money will continue and the government will use advanced technology to detect black money.

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