Cash and jewellery worth Rs 130 crore have been seized and Rs 2,000 crore of undisclosed wealth has been admitted by taxpayers post demonetisation, the I-T Department said on
Tuesday, adding that over 30 cases have been referred to ED and CBI for further investigations.
The department has carried out “swift investigations” in more than 400 cases since November 8, a CBDT statement said, adding that concerted action is being taken by the department, ED and CBI in detecting malpractices.
“Detecting serious irregularities beyond the Income-Tax Act, the CBDT decided to refer such cases to the Enforcement Directorate and the CBI, enabling them to examine the criminal conduct for immediate necessary action. More than 30 such references have already been made to the ED, and are being sent to the CBI,” it said.
“More than Rs 130 crore in cash and jewellery has been seized and approximately Rs 2,000 crore of undisclosed income has been admitted by the taxpayers,” it added
In a major assault on black money and terror funding, Prime Minister Narendra Modi on November 8 announced demonetisation of 500 and 1000 rupee notes and asked holders of such currencies to deposit it in bank accounts by December end.
It is estimated that over Rs 14 lakh crore of such high value currency notes were in circulation.
As per latest RBI data, Rs 8.45 lakh crore worth of such currencies were deposited in banks till November 27.
Giving details of various cases which have been referred to ED and CBI, the statement said the Mumbai unit has referred a case where Rs 80 lakh in new high denomination currency notes were seized.
The Bengaluru Investigation Unit of the Income Tax Department has sent maximum references (18) to ED. These are cases where undisclosed cash in new high denomination notes was seized by the Department.