Unaccounted income of Rs. 71,941 crore found: Govt. tells SC

23 Jul 2017 | By Roma Das
Unaccounted income of Rs. 71,941 crores found

The Income Tax (I-T) department over the past three years have detected sum of Rs. 71,941 crore of undisclosed income as reported by the government to Supreme Court.

The Finance Ministry in a detailed report to the apex court stated that an undisclosed income of more than Rs. 5,400 crore during the demonetization period was recovered.

In context: Unaccounted income of Rs. 71,941 crores found

23 Jul 2017Unaccounted income of Rs. 71,941 crore found: Govt. tells SC

Affidavit detailsOver 300 kgs of gold recovered, numerous searches undertaken

The Finance Ministry wrote an affidavit to the SC explaining in detail the amount of money recovered.

During the period of demonetization from November 9 last year to January 10 this year apart from Rs. 5,400 crore, at least 303.367 kgs of gold was too seized.

The affidavit also mentioned searches which were undertaken by the I-T department in over 2,027 groups.

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Enforcement actions undertaken during demonetization

Search opsEnforcement actions undertaken during demonetization

The Finance Ministry disclosed that during the period of demonetization, the I-T department made rampant seizures and searches.

Around 1,100 searches and surveys and more than 5,100 verifications were made.

The total amount recovered through these actions was of about Rs. 610 crore, including cash of Rs. 513 crore.

ConclusionOver 400 cases of manipulation, illegal tender unearthed

The recent revelations made by the centre to the Supreme Court only highlights the unrestrained corruption.

In between all these disclosures, the Finance Ministry also reported misuse of the grace period which was given for depositing the scrapped illegal tender.

Over 400 cases of fraud and conversion of unaccounted cash were reported and were directed to the CBI and ED.