The income tax department has seized cash and jewellery worth Rs 130 crore and Rs 2000 crore unaccounted money curbed post demonetisation, the I-T dept said in a statement on Tuesday.
Central Board of Direct Taxes reports – Rs 2000 unaccounted money curbed post demonetisation
“Detecting serious irregularities beyond the Income-Tax Act, the CBDT decided to refer such cases to the Enforcement Directorate and the CBI, enabling them to examine the criminal conduct for immediate necessary action. More than 30 such references have already been made to the ED, and are being sent to the CBI…More than Rs 130 crore in cash and jewellery has been seized and approximately Rs 2,000 crore of undisclosed income has been admitted by the taxpayers.”
-Income Tax Department said in a statement on Tuesday
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The Central Board of Direct Taxes said that over 30 cases have been referred to the CBI and Enforcement Directorate (ED) for serious violations of law under Foreign Exchange Management Act(FEMA).
After the introduction of the demonetisation by the Modi government, stringent actions are being taken against the black money hoarders in the country. Till now huge sums of unaccounted money have been recovered. The finance minister Arun Jaitley had asked the Income tax department to act tough against the miscreants.
Maximum cases have been reported by Bengaluru unit of the Income tax department numbering 18 money laundering cases. Ludhiana unit has reported a cash seizure of Rs 72 lakh, while US $ 14000 have also been recovered. Hyderabad and Pune units reported a cash seizure of unaccounted money amounting Rs 95 lakhs and Rs 20 lakhs respectively.