Rs 3,300 cr black income detected since Nov 9, Rs 92cr seized in new notes

Official sources said the taxman has carried out a total of 734 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared, even as the department issued over 3,200 notices to various entities on charges of tax evasion and hawala-like dealings, till Wednesday.

The department, they said, seized cash and jewellery worth Rs 500 crore during the same period even as the new currency seized — bulk of which is in the new Rs 2,000 notes — is valued at about Rs 92 crore.

About Rs 421 crore cash has been seized by the department of the total Rs 500 crore assets seized till now, they added.

“The total undisclosed income admitted or detected as part of this action, till December 20, is more than Rs 3,300 crore,” they said.

The agency has also referred over 220 cases to sister agencies like the Central Bureau of Investigation and the Enforcement Directorate to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.