I-T Dept Unearths Undisclosed Income of Rs 7,961 Cr Post Note Ban

Minister of State for Finance Pon Radhakrishnan said the I-T department conducted searches on around 900 groups

Minister of State for Finance Pon Radhakrishnan said the department, in the past year, conducted searches on around 900 groups.

(Photo: Reuters)

The Income-Tax Department has unearthed undisclosed income of Rs 7,961 crore post demonetisation, from November last year to March, Parliament was informed on Monday.

In a written reply to the Lok Sabha, Minister of State for Finance Pon Radhakrishnan said the department, during this period, conducted searches on around 900 groups, wherein assets worth over Rs 900 crore were seized and undisclosed income of Rs 7,961 crore was admitted.

Prime Minister Narendra Modi on 8 November, 2016 had announced demonetisation of Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption.

The minister further said that as per the data available to NCRB (National Crime Record Bureau), after cancellation of Legal Character of Specified Bank Notes, an amount of Rs 18.70 crore FICN (Fake Indian Currency Note have been seized by State Police till 30 November, 2017 as against Rs 15.70 crore seized the year-ago period.

The government has informed the Lok Sabha that about Rs 5,000 crore was spent on printing of new Rs 500 currency notes post demonetisation.

As per the information provided Radhakrishnan in a written reply, as many as 1,695.7 crore pieces of Rs 500 denomination note were printed till 8 December.

The amount spent on production of Rs 500 notes was Rs 4,968.84 crore, he said. The minister also informed that the RBI printed 365.4 crore pieces of Rs 2,000 notes. The cost incurred is about Rs 1,293.6 crore.

Similarly, Rs 522.83 crore have been spent on printing of 178 crore pieces of Rs 200 notes. As part of its remonetisation exercise, the Reserve Bank came out new notes of Rs 500 and Rs 50. It also introduced notes of Rs 2,000 and Rs 200.

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