Phase II of Operation 'Clean Money': I-T dept to serves notice to 60,000 entities

Income Tax department on Friday launched the second phase of operation 'Clean Money' to detect black money post-demonetisation. 

In the second phase, the IT department will serves notices to 60,000 entities for black-money transactions, an official statement said. 

The statement issued by Central Board of Direct Taxes (CBDT), also revealed that the IT Department detected Rs 9334 crore undisclosed income post-demonetisation till Feb 28. 

In first phase of operation 'Clean Money', the income tax department scanned over 1 crore accounts and was considered a massive success by the government. 

Read |  IT Dept claims Operation Clean Money a massive success, over 5.27 lakh taxpayers submit response

The notes ban was announced by Prime Minister Narendra Modi on November 8 last year.

“More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period. More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II).

“All the cases where no response is received shall also be subjected to detailed enquiries,” the CBDT said.

A senior officer said advanced data analytics has been used to identify suspect cash deposits before launching the latest edition of the operation.

As part of the first phase of the ‘Operation Clean Money’, launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.

(With PTI Inputs)