Source: News Bharati English21 Dec 2016 11:02:19

New Delhi, December 21: With over 677 searches and issued over 3,100 notices all over India, the Income Tax department has so far seized over Rs. 3,185 crore of un-disclosed income while Rs 86 crore worth new notes as part of its country-wide operations against black money hoarders post the demonetisation of two high value currencies by the government started from November 8.

According to reports, Income Tax department carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.

The department, they said, has seized cash and jewellery worth over ₹428 crore during the same period even as the new currency seized (majorly ₹2,000 notes) is valued at about ₹86 crore.

"The total undisclosed income admitted or detected as part of this action, till December 19, is more than ₹3,185 crore," they said.

The agency has also referred over 220 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate, reports PTI.