Post demonetisation, IT Dept has seized over Rs 93 crore in new notes

Post demonetisation, the Income Tax Department has made over 760 searches and seizures amounting to Rs. 505 crores, out of which more than 93 crore was new currency.

According to IT sources, more than Rs 3590 crore of undisclosed income has been detected and 3589 notices have been issued.

During the searches, the IT Department referred around 400 cases to Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for further investigation.

Also, the IT Department had made 215 references to the ED and 185 references to CBI.

Meanwhile, a raid is being carried out at the residence of businessman Rup Chand Prasad in Naya Bazar in Siliguri, West Bengal.

The Enforcement Directorate has also been carrying out searches and enquiry at various places in the wake of de-monetisation.