After PM Modi's decision of banning high value currency on November 8, Central Board of Direct Taxes (CBDT) has uncovered concealed income of Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases.
"We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases. We have seized currency notes over Rs 316 crore in raids, including Rs 80 crore in new notes. Besides, jewellery of Rs 76 crore has also been seized making for a total seizure of Rs 393 crore," CBDT Chairman Sushil Chandra said the reporters.
Income Tax department also said that 3,000 notices have also been issued on the basis of the analysis of deposits made since demonetisation was announced last month.
The department awared those trying to do money laundering that tax authorities were checking all data on deposits made in banks after November 8. Major modes of money laundering included using cash for purchase of bullion and jewellery, backdated receipts for transactions, and deposits made into Jan Dhan accounts and in shell companies, said the department.