Real estate, jewellery, mining major black money generators

The Income Tax dept has conducted searches on 273 entities between April-Sept in the current fiscal

Real estate, jewellery and mining are among the main sectors that are generating black money in the country, Parliament was informed today.

Minister of State for Finance Jayant Sinha said in a written reply to a query in the Lok Sabha that the Income Tax department has conducted searches on 273 entities between April-September in the current fiscal

The total assets seized by the I-T department was Rs 283 crore and undisclosed income was to the tune of Rs 3,371 crore in the first six months till September, he said.

"Sectoral analysis in respect of seizures of valuables and admission of undisclosed income during searched conducted by I-T department in the last three finance years indicates that the main sectors are real estate, trading and manufacturing, contractors, service, jewellery and mining," Sinha added.

In 2013-14 fiscal, the I-T department seized assets worth Rs 808 crore and the total undisclosed income was to the tune of Rs 10,792 crore.

In a separate reply, Sinha said that the revenue department has registered 139 cases under the Prevention of Money Laundering Act (PMLA) between January-October. The value of properties attached was Rs 1,911 crore.

For the year 2013, 143 cases were registered under PMLA and Rs 851 crore worth properties were attached.