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Recovery of undisclosed income post demonitization

News and Press Release - Dated:- 1-8-2017 - With a view to curbing financing of terrorism through the proceeds of Fake Indian Currency Notes (FICN) and use of such funds for subversive activities such as espionage, smuggling of arms, drugs and other .....

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issued by the Reserve Bank of India on 8th November 2016. There was no official estimation of quantum of black money in India. However, post demonetization, the Income Tax Department (ITD) conducted searches in 900 groups of persons during November .....

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n of various kinds of wrong-doings by about 400 persons was also shared with other law enforcement agencies such as Enforcement Directorate and Central Bureau of Investigation for appropriate action. Further, during the current Financial year (01.04. .....

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o 31.05.2017) led to detection of ₹ 150 crore as undisclosed income. The Department has also launched Operation Clean Money on 31st January 2017 with the mission to create a tax compliant society through a fair, transparent and non-intrusive ta .....

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