Delhi: I-T seizes Rs 41 cr bullion, cash from private vaults

The Income Tax Department has seized gold jewellery, bullion and cash valued at Rs 41 crore as part of its anti-black money drive against illegal private vaults operating in the national capital.
Official sources said the taxman seized gold coins and biscuits, jewellery and cash kept at one such vault firm in the South Extension area of Delhi.
They said the bullion and precious items belong to at least four Delhi-based individuals against whom the department has initiated proceedings for tax evasion and under the benami assets law.
"The case pertains to cases of black money detected post demonetisation and some others being probed under the new anti-benami law. The lockers are now being opened and unaccounted assets seized," a senior official said.

The total value of assets seized from this one vault firm, in the last few days, is valued at Rs 41 crore, they said, adding that the assessees did not declare these assets to the taxman and hence concealed them in these vaults.
The private lockers or vaults, that operate like normal bank lockers, are illegal and not recognised under the law.