Black money: Rs 3,300 cr seized in 145 I-T raids in four months

New Delhi: Though the government’s black money disclosure scheme might not have delivered the desired results, the Modi led NDA government is cracking the whip on suspected tax evaders in the country by increasing the number of Income Tax raids, which went up nearly three times in the first four months of this year—from 55 last year to 145 this year.

During the first four months of this fiscal (April-July), at least 145 Income Tax (I-T) raids have been conducted with more than Rs 245 crore unaccounted cash (black money) seized. The total undisclosed income admitted during these raids has been an unprecedented Rs 3,375 crore, excluding the cash and jewellery seizures.

According to top I-T officials, the I-T department’s strategy against the suspected evaders has been paying off well with cash seizures have been all time high. Most of it has been netted from leading educational institutions and builders in Chennai, Mumbai and Delhi among other cities.

During the first four months of 2016, at least 145 I-T raids unearthed unaccounted income and cash worth Rs 3,375 crore as against Rs 2,252 crore in the first four months of 2015.

As against Rs 76 crore of cash seized last year during the four months, the department managed to lay their hands on over Rs 245 crore this year during April-July. Seizure of jewellery accounted for Rs 85 crore as against Rs 21 crore last year.

The I-T department is also working on at least 90 lakh high-value transactions which have not been declared by people in their tax returns. These high-value transactions include multiple cash deposits of more than Rs 10 lakh each in bank accounts, and property purchase in excess of Rs 30 lakh. The I-T department has identified at least 7 lakh such high-risk individuals are under scrutiny and their travel details and business operations are being investigated.

The I-T department has prepared a new unified data bank of these suspect black money holders across the country, particularly those who have taken help of ‘entry operators’ to launder huge unaccounted cash through the banking channels over the past few years.