Op Clean MoneyII puts 60K people under IT lens
WAR INTENSIFIES ₹10k cr undisclosed income, 1300 ‘high risk’ entities found
The government has detected about ₹10,000 crore of undisclosed income in the first three months since demonetisation, and is preparing to ask 60,000 people suspected of dodging taxes to explain their incomes.
“Under Operation Clean Money, more than 60,000 people, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales after demonetisation,” the finance ministry said on Friday. Operation Clean Money was launched on January 31 to detect slush funds deposited with banks and used for high-value purchases such as property and gold.
Taxmen will intensify searches and seizures against those people whose bank deposit do not match their income, sources at the Central Board of Direct Taxes told Hindustan Times.
“More than 2,362 search, seizure and survey actions have been conducted by the Income Tax Department (ITD) during 9th November 2016 to February 28, 2017, leading to seizure of valuables worth more than Rs 818 crore, which includes cash of Rs 622 crore, and detection of un-disclosed income of more than Rs. 9,334 crore,” the finance ministry said.
The Modi government rode to power three years ago partly on a promise to fight corruption and tax evasion. The government has since has tightened the noose around tax dodgers with schemes such as the enactment of a Black Money (Undisclosed Foreign Income and Assets) Act to unearth unaccounted for cash stashed abroad, launched a Income Disclosure Scheme (IDS-I) and scrapped Rs 500 and Rs 1,000 notes. It also gave tax evaders a chance to come clean under a new scheme called the Pradhan Mantri Garib Kalyan Yojana or IDS-II).
More than 400 cases have been referred by ITD to the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI). Surveys have been conducted in more than 3400 cases by Assessment Units.
“People who have indulged in high value purchases after demonetisation including land, property and jewellery, but have
not disclosed the source of income are under scanner” an official said requesting anonymity.
Those who have deposited lumpy amounts during demonetisation but have not disclosed the source under the Pradhan Mantri Garib Kalyan Yojana (or Income Disclosure Scheme-II) are also under the scanner.
More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be investigated. Cases where no response is
CONTINUED ON P 5
India on Friday sought copies of the charge sheet and judgment by a Pakistan military court against Kulbhushan Jadhav, the former Indian Navy personnel who was sentenced to death for spying.
Indian envoy Gautam Bambawale made the demands during his meeting with Pakistan foreign secretary Tehmina Janjua.
“India conveyed to Pakistan today that we will appeal the order and are studying Pakistan Army Act,” tweeted ANI quoting the ministry of external affairs.
Pakistan has refused India’s demand for consular access to Jadhav on grounds that it was a case of espionage, contrary to the Indian high commission’s claim that the same must be granted under international law.
“Why would an innocent person possess two passports, one with a Hindu name and the other with a Muslim name,” asked Sartaz Aziz, foreign affairs adviser to Pakistan PM Nawaz Sharif, during a press conference.
Aziz also warned India to stop issuing “rhetorical statements” against Islamabad. He said statements on the issue could lead to tensions. “We should respect each others’ sovereignty.”
“He was sentenced as per the law of the land. He (Jadhav) was involved in subversive activities and was holding two passports, for which India has no answer.”