Income Tax Notice to 60,000 Persons for large cash sales

Over 60,000 individuals, including 1,300 high-risk persons, have been identified for investigation by the Indian Income Tax Department for excessively large cash transactions following the November 8 demonetisation measure, the government said on Friday. "Under the Operation Clean Money (OCM), more than 60,000 persons, including 1,300 high-risk persons, have been identified for an investigation into claims of excessive cash sales during the demonetization period," a Finance Ministry statement here said. 

"More than 6,000 transactions of high-value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations," it said. "All the cases where no response is received shall also be subjected to detailed inquiries," it added. 

According to the Ministry, the Central Board of Direct Taxes (CBDT) has detected undisclosed income over Rs 9,334 crore in the period of November 9, 2016, till February 28 this year. Prime Minister Narendra Modi announced the demonetization of high-value notes on November 8 last year as a move to combat corruption, black money, counterfeit currency and terror financing. 

Advanced data analytics and integration of data sources, relationship clustering and fund tracking were used to identify the individuals, the government said.

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