Operation clean money-II: Income Tax notice to 60,000 persons

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New Delhi :  Over 60,000 individuals, including 1,300 high-risk persons, have been identified for investigation by the Indian Income Tax Department for excessively large cash transactions following the November 8 demonetisation measure, the government said on Friday.


"Under the Operation Clean Money (OCM), 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," a Finance Ministry statement here said.

"More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations," it said.

"All the cases where no response is received shall also be subjected to detailed enquiries," it added.

According to the Ministry, the Central Board of Direct Taxes (CBDT) has detected undisclosed income over Rs 9,334 crore between the period of November 9, 2016, till February 28 this year.

Prime Minister Narendra Modi announced the demonetisation of high value notes on November 8 last year as a move to combat corruption, black money, counterfeit currency and terror financing.

Advanced data analytics and integration of data sources, relationship clustering and fund tracking were used to identify the individuals, the government said.

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