Undisclosed income worth Rs 7,961 crore unearthed post demonestisation: MoS Finance tells Lok Sabha

Since demonestisation in November last year, the Income Tax Department unearthed undisclosed income of Rs 7,961 crore till March this year,

IANS December 18, 2017 22:29:59 IST
Undisclosed income worth Rs 7,961 crore unearthed post demonestisation: MoS Finance tells Lok Sabha

New Delhi: Since 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, Income Tax officials seized assets worth over Rs 900 crore and secured admissions regarding undisclosed income of Rs 7,961 crore.

Undisclosed income worth Rs 7961 crore unearthed post demonestisation MoS Finance tells Lok Sabha

Representational image. Reuters

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 30 November, 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 percent of value in circulation, 50 lakh new bank accounts opened to enable cashless transaction of wages, 26.6 percent increase in number of taxpayers added and 27.95 percent 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.

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