The Ministry of Finance has said in an affidavit that from the day after high currency notes were demonetized till January 10 this year, the total undisclosed income admitted was more than Rs 5,400 crore. “The total undisclosed income admitted was more than Rs 5,400 crore and and the total quantity of gold seized stood at 303.367 kgs,” it said. It also included the details of the unaccounted income for three years from April 1, 2014, to February 28 this year, including the demonetization period.
IT department in over 2,027 groups “led to the admission of undisclosed income of more than Rs 36,051 crore”. “This is in addition to the seizure of undisclosed assets worth Rs 2,890 crore.” said the affidavit. The II department also concluded more than 15,000 surveys between April 1, 2014, to February 28 this year, which led to “the detection of undisclosed income of more than Rs 33,000 crore”.
The affidavit pointed the merits of the demonetization period, it said, “significantly large number of enforcement actions were undertaken by the IT Department” in two months.
“They included 1,100 searches and surveys and more than 5,100 verifications. The total seizure through these actions was of about Rs 610 crore, including cash of Rs 513 crore. The cash seizure included seizures in the new currency of more than Rs 110 crore. The total undisclosed income admitted was more than Rs 5,400 crore,” it said.
Earlier, the demand to give the grace period for depositing the scrapped notes was dismissed by the Finance Ministry.
The affidavit also said that “Seizure of cash during the month of November and December 2016 was to the tune of Rs 147.9 crore and Rs 306.897 crore and seizure of gold for the month of November and December 2016 was 69.1 kg and 234.267 kg respectively.”