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Income Tax department unearths Rs 7,961 Crore undisclosed income

Income Tax department unearths Rs 7,961 Crore undisclosed income

New Delhi: The Minister of state for Finance Pon RadhaKrishnan informed parliament that Income tax department has unearthed undisclosed income of Rs 7,961 Crore after demonetisation. The amount unearthed covered the period from November last year to March.

The Minister also said that the income tax department conducted searches on around 900 groups and seized assets worth over Rs 900 Crore.

Last year on November 8, 2016 the Prime Minister announced demonetisation of Rs 1000 and Rs 500 currency notes in a major assault on Corruption, Black money and fake currency.

As per the data available with the National Crime Records Bureau (NCRB), after demonetisation a total amount of Rs 18.70 Crore FICN (Fake Indian Currency Notes) has been seized by the state police.