Demonetisation: Govt gets 4,000 tip-offs on black money in just 3 days

Black Money
Do you know any black money hoarder? If yes, shoot off a mail to the government’s email address (blackmoneyinfo@incometax.gov.in) which has been flooded with at least 4,000 such tip-offs since Friday.

The email id, blackmoneyinfo@incometax.gov.in, is monitored by a cell which will take immediate action of the tip-offs they receive. 

According to a report in The Economics Times, a ministry source said, "We are getting a good response", to the flooded emails on black money tipoffs after the government unveiled the whistleblower email address for people to send information about possible money laundering activities. 

"People who have knowledge of money launderers can give direct information to us," revenue secretary Hasmukh Adhia had said.

ET reported that the messages received on Friday relate to deposits in Jan Dhan and urban cooperative bank accounts, loan repayments, credit card payments, electronic transfers, withdrawals, etc. 

The emails will aid in boosting the ongoing effort of Modi government to curb black money.   

Information has also streamed in through the Financial Intelligence Unit (FIU).

"The system is capturing a lot of data," the official said. "We are able to get daily reports on deposits made and that is the reason agencies have been able to carry out focussed action.

Tax authorities and other investigative agencies are sending data about bank deposits and other undeclared income on a daily basis to the government. 

Income tax and enforcement directorate officials have been conducting raids across the country unearthing old and new currency apart from jewellery and other high-value items. Several bank officials have also been detained, suspended or sacked for swapping old notes with new ones without authorisation. The information received relates to deposits in Jan Dhan and urban cooperative bank accounts, loan repayments, credit card payments, electronic transfers, withdrawals, among others. 

Since 8 November, the government has uncovered concealed income of approximately Rs 2,600 crore and has seized a total of Rs 393 crore involving nearly 300 cases.

Last week, while briefing reporters, Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said "Admitted concealed income on the basis of our survey of data till date is Rs 2,600 crore".

"We have conducted searches and seizures in about 291 cases, carried out surveys in 295 cases," he said.