Tuesday, January 18, 2022

Black money: No official estimation either before or after Nov 8, says Arun Jaitley

I-T searches between Apr 2014 & Nov 2016 revealed `31K-cr undisclosed income

By: ENS Economic Bureau | New Delhi |
December 17, 2016 1:40:11 am
Black Money, Arun jaitley, jaitley, Arun jaitley black money, IT, Income tax, IT searches, IT searches black money, Lok sabha, economy, demonetisation, arun jaitley demonetisation, currency demonetisation, india news, indian express news Finance Minister Arun Jaitley. (File Photo)

Finance Minister Arun Jaitley on Friday said there is no official estimation of black money in the country either before or after November 8 — the day the government decided to abolish old notes of Rs 500 and Rs 1,000. “There is no official estimation of the amount of black money either before or after the government’s decision of November 8, 2016 declaring that bank notes of denominations of the existing series of the value of Rs 500 and Rs 1,000 shall cease to be legal tender with effect from November 9,” Jaitley said in a written reply in Lok Sabha.

“The government has taken several steps, both by way of policy initiatives as well as through more effective enforcement action on the ground, to more effectively tackle the issue of black money,” he said. The searches conducted by Income Tax Department between April 2014 and November 2016 on 1,356 groups of assessees led to admission of undisclosed income of Rs 31,277 crore apart from seizure of undisclosed assets worth Rs 2,164 crore, he said. Besides, 14,044 surveys conducted during the period, resulted in detection of undisclosed income of Rs 30,492 crore.

During April 2014 to October 2016, the income tax department filed 1,544 prosecution complaints before criminal courts, besides compounding of offences in 2,323 cases. 75 persons were convicted by trial courts for offences under direct taxes during the same period, he said.

In a separate press briefing on Friday, Revenue Secretary Hasmukh Adhia said since the November 8, the tax department has seized Rs 393 crore after conducting 291 searches and seizures. Of this amount Rs 316 crore were cash seizures, including Rs 80 crore in new currency notes. Apart from this, jewellery worth Rs 77 crore was seized. People have admitted to Rs 2,600 crore of concealed income during surveys since November 8.

In another reply to a question in Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said the government will introduce new design bank notes in other denominations will be introduced in due course. “The bank notes in the denomination of Rs 500 and Rs 2,000 with new design have recently been introduced. New design bank notes in other denomination will be introduced in due course,” he said while replying to a question on whether the government proposes to print new currency notes of Rs 20 and Rs 50.

Meghwal said the Reserve Bank of India has been advised to step up supply of cash, while the government has taken steps to ameliorate the inconvenience caused to the public. “RBI and the banks have been advised to step up the supply of cash to the public. The availability of cash and issuance of cash to bank branches and post offices on a daily basis is being constantly monitored and necessary rebalancing is being done for more efficient allocation of banknotes of requisite denominations between different areas,” he said.

To a query on whether demonetisation has adversely affected the economy of the country, Meghwal said overall economic growth is dependent on many factors, including rate of capital formation and savings, availability of infrastructure, efficiency of resource allocation, money supply and the degree of financial development. “It is difficult to pin-point the impact of demonetisation on the economy via its impact on the aforesaid factors,” he added.

📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines

For all the latest Business News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard