Home / Latest News / Income Tax Department now launches ‘Operation Clean Money’-II, to probe 60,000 people for Black Money

Income Tax Department now launches ‘Operation Clean Money’-II, to probe 60,000 people for Black Money


IT Department is likely to ignore all standalone deposits below Rs 5 lakh.

Black Money is being made White illegally

On Friday, the Income Tax Department launched the 2nd phase of Operation ‘Clean Money’ to detect flow of black money into banks after demonetization drive announced by PM Modi on 8th November 2016.

I-T department seeks to issue notices to 60 thousand entities regarding this. According to the Central Board of Direct Taxation (CBDT), the I-T department has detected unaccounted income worth ₹9,334 crore after demonetization till 28th February 2017.

CBDT in the statement, said that ‘Operation Clean Money’ is being conducted by the tax authority through use of advanced data analytics allowing “optimization of govt resources & causing min. inconvenience to taxpayers”. It also said the impact of the decision is already visible as the govt has seen an increase of 21.7% in the returns of income received in the Financial Year 2016-2017.

Besides, 16% growth in the gross collection was seen, highest in the last 5 years, & 14% growth in net collection- the highest in last 3 years.

The statement added that the demonetization move was clearly aimed at eliminating black money is one of the major steps aimed to achieve this goal & also widen the tax base.

According to an report by news agency PTI, the dept, in its search, is likely to ignore deposits below ₹5,00,000.

Related News @ LatestLaws.in- 

22.12.2016 –   Only 1% Indians pay Income Tax while 95% of remaining do only cash transactions & aid Black Money accumulation

15.11.2016 – Supreme Court supports PM Modi: Refuses to stay Demonetisation drive to contain Black Money

13.11.2016 – PM Modi: Just give me 50 days, I will loot the Black Money accumulated over 70 years, as Nation needs it for the Poor

12.11.2016- Demonetization of Rs.500/1000 Notes: Now Payment of Court Fees by Litigants exempted by Govt.

9.11.2016 – Supreme Court petitioned against PM Modi’s war against Black Money

8.11.2016 – PM Modi’s Surgical Strike on Black Money: All Rs 500, Rs 1000 Bank notes withdrawn

20.10.2016 – Income Tax raid on Delhi Lawyer discloses Rs. 125 Crore Black Money

13.10.2016 – How Income Tax Laws allowed One Man to stash Rs.10,000 Crore Black Money, questions Chandrababu Naidu

14.7.2016 – Justice M B Shah led SIT on Black Money want complete ban on cash transactions above Rs 3 lakh

14.4.2016- Supreme Court: We can not act on mere suspicion that Black Money is being made White illegally

4.4.2016- Panama Papers Scam: Country’s Wealth siphoned off illegally, Modi Govt. form Multi Agency Team with RBI, CBDT for probe

26.5.2015- Black Money: FM delighted as Swiss Banks reveal Account Holder’s names

17.12.2015- Supreme Court expounds- Jail a Rule and Bail an exception for Financial Scamsters and Money Laundrers

13.5.2015- Cabinet clears bill to check benami transactions aimed at curbing domestic black money

13.5.2015- Parliament clears Black Money Bill

18.4.2015- New I-T return forms to curb black money

13.4.2015- Black money: U.N. meet endorses India’s concern

29.3.2015- Arun Jaitley, New Law to tackle Black Money

Facebook Comments

Check Also

Building and Other Construction Workers

SC: For Millions of Construction workers, there is no Social or Economic Justice. What is being done with Rs 28,000 Crore? Read Judgment

March 20,2018: SC Bench questioned that,“What is being done with the remaining about ₹28,000 crore? Why is it that construction workers across the country are being denied the benefit of this enormous amount?”, and further added that the “answers blow ...

One comment

  1. Today Judiciary is only institution to protect the constitutional fundamental rights of citizens.

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest laws

Join our mailing list to receive the latest laws news and updates from our team.