Govt cracks down on black money hoarders

File photo: Wads of new Rs 2000 notes seized by law enforcement agencies.

Law enforcement agencies continued their crackdown on illegal hoarding of cash and black money. Customs department last night seized 500 grams of gold worth Rs 16 lakhs from a passenger at Shamshabad airport in Hyderabad.

Currencies both new and old were also seized in large amounts from Chennai, Meerut and Noida. The Income Tax department has issued over 3,000 notices and Rs 86 cr new currency has been seized till now.

Old notes worth 10 crore rupees and 6 kilograms of gold jewellery were seized from a jeweler’s showroom and residence in Chennai by the Income Tax Department.

Income Tax Department raids have recovered 11 crore rupees in 12 raids in Andhra Pradesh and Telangana. Reportedly, since the demonetisation announcement on the 8th of November.
Out of the 11 crore rupees seized in those raids around 2 crore rupees are in new notes.

In Meerut 2 crore 67 lakh rupees was seized in Income Tax raids from the residences, office and bank lockers of R K Jain, an executive engineer working in the irrigation department.

Out of the seized amount 17 lakh rupees is in new 2,000 rupee notes. 30 kilograms of silver was seized from two bank lockers of the accused.

Sleuths from the Directorate of Revenue Intelligence raided Mahalaxmi jewellers in Noida and seized gold worth approximately 12 crore rupees.

As per DRI, jewellers have sold 500 kilograms of gold worth nearly 150 crore rupees in violation of norms since the demonetisation announcement.

The Central Board of Direct Taxes or CBDT has been regularly getting reports from banks on various accounts since the 8th of November.

The CBDT is also getting information on deposits in bank accounts and other undeclared income from the Revenue Intelligence Unit.

Post-demonetisation sudden transaction activity in dormant banks accounts had raised eyebrows in the financial sector.

Officials and functionaries of some banks are under the scanner for using dormant accounts to convert black money into white.

Meanwhile, the Enforcement Directorate is bringing the seized new notes into circulation.

The new notes are being deposited in banks to improve their availability for people.

The government shared an email address on Friday where people can send information of those hoarding black money.

The call against black money given by Prime Minister Narendra Modi has found resounding support of people, who are using digital means to help the govt zero in on tax evaders.

Ordinary people can provide any info to the government agencies at blackmoneyinfo@incometax.gov.in . So far the government has received more than 4,000 complaints in 72 hours.

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