Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: 4.8
Article rating: 5.0
Article rating: 3.0
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: 4.5
Article rating: No rating
Article rating: No rating
Article rating: 4.2
Article rating: 5.0
Article rating: 4.0
Article rating: No rating
Article rating: No rating


I-T department unearths undisclosed income of Rs 7,961 crore after demonetisation

Author: IANS/Tuesday, December 19, 2017/Categories: Economy

I-T department unearths undisclosed income of Rs 7,961 crore after demonetisation

New Delhi - Since demonestisation in November last year, the Income-Tax Department unearthed undisclosed income of Rs 7,961 crore till March this year, Parliament was informed.

Minister of State for Finance Pon Radhakrishnan told the Lok Sabha in a written reply that following searches conducted on around 900 groups during this period, incomethe -tax officials seized assets worth over Rs 900 crore and secured admissions regarding undisclosed income of Rs 7,961 crore.

Besides, as per the data available with the National Crime Records Bureau (NCRB), after the ban on high-value currency notes, Fake Indian Currency Notes (FICN) of Rs 18.70-crore face value were seized by state police forces till November 30, 2017, as against Rs 15.70 crore seized during the same period a year ago.

"One year after the landmark move to cleanse the economy of black money, the successes of operations after demonetisation continued, with high-denomination notes brought down by 50% of value in circulation, 50 lakh new bank accounts opened to enable cashless transaction of wages, 26.6% increase in number of taxpayers added and 27.95% increase in number of e-returns filed, 2.24 lakh shell companies were struck off and undisclosed income worth Rs 29,213 crore detected and admitted," the Finance Ministry said in a separate statement.

Print Rate this article:
No rating

Number of views (176)/Comments (0)

Debasis Mohapatra


Other posts by IANS
Contact author

Leave a comment

Add comment



Ask the Finapolis.

I'm not a robot
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest



The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free