 "Post demonetisation, IT Dept has seized over Rs 93 crore in new notes")
Post demonetisation, the Income Tax Department has made over 760 searches and seizures amounting to Rs. 505 crores, out of which more than 93 crore was new currency.
According to IT sources, more than Rs 3590 crore of undisclosed income has been detected and 3589 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 de-monetisation.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app