Income Tax dept launches ‘Op Clean Money’-II; to probe 60,000 people

New Delhi, April 14

The Income Tax department will investigate over 60,000 individuals under the second phase of the ‘Operation Clean Money’ which was launched on Friday with a view to detecting black money generation post demonetisation.

The Central Board of Direct Taxes (CBDT), policy-making body of the department, said it had detected undisclosed income of over Rs 9,334 crore between November 9, 2016 and February 28 this year.

The note ban was announced by Prime Minister Narendra Modi on November 8 last year.

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“More than 60,000 people, including 1,300 high-risk ones, have been identified for investigation into claims of excessive cash sales during the demonetisation period. More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II).

“All the cases where no response is received shall also be subjected to detailed enquiries,” the CBDT said.

A senior officer said advanced data analytics had been used to identify suspect cash deposits before launching the latest edition of the operation.

As part of the first phase of the ‘Operation Clean Money’, launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh people out of which 9.46 lakh people had responded to the department. PTI