Note ban effect: I-T dept issues 5,100 notices for suspicious deposits

I-T dept has conducted more than 1,100 search and survey operations and issued about 5,100 notices

The income tax department has issued about 5,100 notices for high-value suspicious deposits post demonetisation and people have admitted to undisclosed income of over Rs 5,400 crore, Parliament was informed on Wednesday.

The department has conducted more than 1,100 search and survey operations and issued about 5,100 notices for verification of suspicious transactions of high-value cash deposits, Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Rajya Sabha.

"These actions led to a seizure of valuables of more than Rs 610 crore which includes cash of Rs 513 crore and admission of undisclosed income