Income Tax department seizes Rs 130 cr post-demonetisation

New Delhi, Dec 6: The Income Tax Department has carried out investigations into over 400 cases post-demonetisation seizing as much as Rs 130 crore in cash and jewellery, an official statement said on Tuesday.

“The Income Tax Department has carried-out swift investigations in more than 400 cases since the demonetisation of old high denomition currency announced by the government on November 8, 2016. “More than Rs 130 crore in cash and jewellery has been seized and approximately Rs 2,000 crore of undisclosed income has been admitted by the taxpayers,” said the Fince Ministry statement. (IANS)