The Union Finance Ministry on Tuesday said around Rs 2,000 crore in undisclosed income had been declared by taxpayers since the Centre announced the demonetisation of Rs 500 and Rs 1,000 currency notes. In a statement, the ministry said that the Income Tax Department had impounded more than Rs 130 in cash and jewellery since the November 8 announcement, The Financial Express reported.
The I-T Department had also found more than 30 cases of violations that went beyond the Income Tax Act’s purview, which had been seen sent to the Enforcement Directorate and the Central Bureau of Investigation for further examination. The most seizures of demonetised notes took place from Bengaluru, the statement said, according to The Tribune.
Several seizures of assets and cash in both demonetised and new currency notes have been made by several agencies since the government’s announcement. Last week, undisclosed income worth Rs 152 crore, including new currency notes worth Rs 5 crore, were found with two chief engineers of Karnataka’ Public Works Department. On November 22, a man travelling in a chartered jet was caught with Rs 3.5 crore in demonetised notes after his flight landed in Dimapur, the largest city in Nagaland.
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