BLACK MONEY – THREE HUNDRED PER CENT RISE IN RAIDS, SEIZURES
PRESS RELEASE, DATED 30-8-2016
The Income Tax department has seized an all-time high value of cash and jewellery, while Rs. 3,360 crore unpaid taxes have been surrendered this year as part of its enhanced crackdown against black money holders in the country.
In a mammoth jump of over three times in the searches, raids and seizure action in the first seven months of this year as compared to the corresponding period of 2015, the department seized over Rs. 330 crore of alleged tainted cash, jewellery and other movable and immovable assets.
Last year, this figure stood at Rs. 102.50 crore.
An official report prepared in this regard states that I-T raids and searches this year have beaten all records of the last about five years in terms of number of such actions conducted, seizures made and subsequently the untaxed income brought to the government coffers.
The figures compiled in the report, which has been accessed by PTI. state that the I-T Department carried out only 55 searches between January-July 2015, while these numbers rose to 148 in the corresponding period this year, cash seized during these operations jumped thrice to over Rs. 254 crore as compared to Rs. 76.72 crore last year, and the value of jewellery and precious metals seized this year stands at Rs. 84.59 crore as compared to Rs. 21.59 crore in 2105.
“The total value of the seizures, after I-T raids were conducted between January-July this year, stands at Rs. 329.93 crore as compared to Rs. 102.50 crore during the same period last year. The latest figures are progressive and would go over Rs. 330 crore (for Jan-July, 2016). This is a three times increase,” the report said.
It said the investigation directorate of the Central Board of Direct Taxes (CBDT), the policy-making body of the I-T Department, has issued strict directives to step up these actions to unearth instances of domestic black money and go into “all the usual and unusual sectors” that generate untaxed wealth.
The department, across all the 16 regional investigation wings in the country, also got admitted or got surrendered over Rs. 3,360 crore of money after searches were conducted, which was identified as unaccounted wealth, as compared to Rs. 2,146.38 crore of such funds last year during the same period.