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Over 8000 crores belongings seized in IT raids in 8 years: Government in Lok Sabha

On Monday, March 20, the Executive of India advised the Lok Sabha that the Source of revenue Tax division has seized general belongings value Rs 8832.92 crores within the seek and seizure motion carried out through it within the closing 8 monetary years, i.e from 2014-2015 to 2021-2022.

Pankaj Chaudhary, the state minister for finance, made the observation in Parliament whilst responding to queries from Dr Vishnu Prasad M.Ok and T.R.V.S Ramesh.

“Every time any example of unaccounted/black cash comes to note, the Source of revenue Tax division takes suitable movements as in line with the provisions of the Source of revenue-Tax Act, 1961. Such movements come with undertaking searches and surveys, evaluate of source of revenue, levy of tax, imposition of penalty, launching of prosecution, and so on,” the federal government advised the LS on Monday.


The state minister for finance additional asserted that tax call for of a complete of Rs 13,566 crore has been raised underneath the Black Cash Act within the closing 4 monetary years, ranging from 2018-19. The call for was once raised in 349 circumstances because the legislation was once enacted in 2015.


Additional, the minister stated that 648 disclosures involving undisclosed international belongings value Rs 4146 crores had been made within the one-time 3 months compliance window, which closed on thirtieth September 2015, underneath the Black Cash (Undisclosed Overseas Source of revenue and Property) and Imposition of Tax Act, 2015. The volume accumulated by means of tax and penalty in such circumstances was once about Rs 2476 crore.

Sure have an effect on of demonetisation at the stage of tax compliance within the nation: Government in Lok Sabha

Every other query raised within the Decrease Space on Monday was once if demonetisation, introduced through the Modi govt on 8 November 2016, had assisted the federal government in figuring out unaccounted cash within the nation, in addition to the volume and knowledge of the ones having an unaccounted source of revenue.

In a respond to the aforementioned query, Pankaj Chaudhary, the state minister for finance, stated that from November 2016 to March 2017, the Source of revenue-tax Division carried out seek and seizure operations in 900 teams, ensuing within the seizure of Rs 900 crores, together with Rs 636 crores in money and admission of undisclosed source of revenue of about Rs 7961 crores.

The federal government additional said that the rise in web direct tax revenues of 18% within the fiscal 12 months 2017-18 over the fiscal 12 months 2016-17, the best within the earlier seven fiscal years, demonstrated the sure have an effect on of demonetisation at the stage of tax compliance within the nation.

The truth that the Non-public Source of revenue-tax (PIT) Advance Tax collections greater through 23.4% and PIT Self-Evaluate Tax collections greater through 29.2% in FY 2017-18 in comparison to FY 2016-17, corroborated the statement that demonetisation and the following use of financial institution deposit information through the Source of revenue Tax Division had a vital have an effect on on voluntary tax bills through non-corporate / particular person taxpayers, stated the state minister for finance.

He additional printed that for the fiscal 12 months 2017-18, the collection of Source of revenue Tax Returns (ITRs) filed with the Source of revenue-tax Division greater through 25%. It was once the best fee within the earlier 5 years.

Additional, all the way through the fiscal 12 months 2017-18, the collection of returns submitted through company taxpayers greater through 17.2%. It was once greater than 5 instances the expansion fee of three% within the fiscal 12 months 2016-17 and three.5% within the fiscal 12 months 2015-16, Chaudhary showed.

In regards to the investigations carried out through the Directorate of Enforcement (ED) underneath the Prevention of Cash Laundering Act, 2002 (PMLA) and Overseas Alternate Control Act, 1999 (FEMA), the minister said that quite a lot of circumstances underneath PMLA had been recorded all the way through the duration of demonetisation and thereafter, with regards to the purchase of unaccounted demonetized currencies. FEMA circumstances have additionally been investigated wherein cross-border transactions/foreign exchange transactions had been noticed.

Underneath the PMLA, investigations were introduced in 8 circumstances wherein 107 folks had been found out to be concerned within the era, acquisition, and/or projection of undeclared cash. In those circumstances, felony proceeds totalling Rs 191.68 crores were connected/seized, and 05 accused were arrested. In those circumstances, 13 Prosecution Proceedings (PCs) and 07 Supplemental PCs were filed, he stated.

In a similar way, underneath FEMA rules, investigations were introduced in 10 circumstances towards 19 folks, with foreign money totalling Rs 2.99 crores seized. Moreover, 8 Display Purpose Notices had been issued, with 05 of them being adjudicated. Throughout the adjudication, a penalty of Rs 1.61 crores was once levied. Moreover, seized foreign money totalling Rs 77.81 lakhs has been ordered to be confiscated right through the adjudication procedure.

No directions were given to banks for now not filling Rs 2000 notes in ATMs

Replying to a query on whether or not the Reserve Financial institution of India (RBI) has put restrictions on banks to disburse foreign money notes of Rs. 2000 denomination via ATMs, Union Finance Minister Nirmala Sitharaman stated within the Parliament on Monday that the federal government has now not issued any directions to banks on whether or not to load ATMs with Rs 2000 notes or now not.

“No directions were given to banks for now not filling Rs 2000 notes in Computerized Teller Machines (ATMs). Banks make their very own evaluate of the quantity and denominational necessities for ATMs at the foundation of previous utilization, client requirement, seasonal pattern, and so on,” stated Nirmala Sitharaman advised the Lok Sabha.

She additional said, bringing up RBI annual experiences, that the indent for the availability of Rs 2000 denomination banknotes has now not been positioned from 2019-20 onwards. Following the demonetisation of the outdated Rs 500 notes and Rs 1,000 expenses in 2016, the federal government and RBI presented Rs 2,000 notes into the gadget.

No such data or information is to be had. As in line with the Annual Stories of the Reserve Financial institution of India (RBI), the entire price of Rs 500 and Rs 2000 denomination banknotes in movement as of end-March 2017 and as of end-March 2022 was once Rs 9.512 lakh crore and Rs 27.057 lakh crore.

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