NEWS

Post Demonetisation, IT Department Has Seized Over ₹505 Crores

Out of this amount, ₹93 crore is in new currency.

23/12/2016 11:53 AM IST | Updated 23/12/2016 12:11 PM IST

NEW DELHI -- Post demonetisation, the Income Tax Department has made over 760 searches and seizures amounting to ₹505 crores, out of which more than 93 crore was in new currency notes.

According to IT sources, more than ₹3,590 crores of undisclosed income has been detected and 3,589 notices have been issued.

During the searches, the IT Department referred around 400 cases to Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for further investigation.

Also, the IT Department had made 215 references to the ED and 185 references to CBI.

Meanwhile, a raid is being carried out at the residence of businessman Rup Chand Prasad in Naya Bazar in Siliguri, West Bengal.

The Enforcement Directorate has also been carrying out searches and enquiry at various places in the wake of demonetisation.

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