Regardless of the introduction of the new currencies and the banning of the old ones, black money still seems to flow in the economy.
The Delhi Directorate of Income Tax Department today raided a private vault in the nation’s capital in South Extension and seized a huge amount of gold and cash. The private vault is in South Extension and is named U&I vault. Cash and bullion worth a total of Rs 15 crore was seized from the vault has been found. The raid is still going on whereas the lockers in the private vault have been sealed by the Delhi Directorate of Income Tax. This is the first of such cases that have been highlighted in 2018 till now.
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https://www.eastcoastdaily.in/2018/01/03/income-tax-evasion-black-money-unearthed-exporters-place/
In the wake of demonetization of Rs 500 and Rs 1000 notes by Prime Minister Narendra Modi on November 8, 2016, a crackdown down against black money holders was launched. The I-T department had conducted 900 searches between November 9, 2016, and March this year, leading to the seizure of assets worth Rs 900 crore, including Rs 636 crore in cash.
The searches led to the disclosure of Rs 7,961 crore undisclosed income, according to the official data. During the same period, the department conducted 8,239 survey operations leading to detection of Rs 6,745 crore of black money, it had said.
Further details awaited.
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