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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 contrabands into India, and for eliminating black money which casts a long shadow of parallel economy on the real economy, the Government decided to cancel the legal tender character of the high denomination bank notes of ₹ 500 and ₹ 1000 .....

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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 (01.04.2017 to 30.06.2017) the ITD has conducted searches in 102 groups, seizing assets worth ₹ 103 crore. The persons searched have admitted undisclosed income of ₹ 2670 crore. During the same period surveys conducted in 202 cases (01.04.2017 t .....

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