Over 1,100 searches, 5,100 notices post-demonetisation: Government

More than 1,100 searches have been conducted and 5,100 notices issued by the Income Tax Department after the November 8 demonetisation for cross-checking of high-value deposits, the government informed parliament on Friday.

"Post-demonetisation, from November 9, 2016, to January 10, 2017, more than 1,100 searches and surveys were conducted and more than 5,100 notices issued by the department for verification of suspicious high-value cash deposits," Minister of State for Finance Arjun Ram Meghwal told the Lok Sabha in a written reply here.

These actions led to seizure of assets of more than Rs 610 crore, which includes Rs 513 crore in cash, he added.

"Seizure of cash in new currency notes totalled about Rs 110 crore," he said.

Further, the undisclosed income detected in these ongoing investigations till January 10, 2017, was more than Rs 5,400 crore, the minister said.

--IANS

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