Govt. detects huge amount of undisclosed money under ‘Operation Clean Money’

Government has been able to detect a huge amount of undisclosed money, under ‘Operation Clean Money’. The Income Tax department will investigate over 60,000 individuals under the second phase of the operation.

The demonetisation exercise has damaged the parallel economy mushrooming over black money. Over the last few months government agencies have been able to detect huge amount of undisclosed money.

The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’. The second leg of the fight was launched on Friday with an aim to detect black money generation post demonetisation.

The Central Board of Direct Taxes has detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016 till February 28 this year.

More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period.

More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations

As part of the first phase of the ‘Operation Clean Money’, launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.

Further warning those who have not taken umpteen notices of IT department seriously, the department has said that all these cases will be subjected to detailed enquiries Advanced data analytics has been used to identify suspect cash deposits before launching the latest edition of the operation.