Department Of Revenue Claims Success In Fight Against Black Money

Department of Revenue claimed that it has been fighting successful crusade against black money with the help of concerted & co-ordinated actions of Law Enforcement Agencies (LEAs).

In the coming days the department promises intense action tax money launderers & tax evaders who will in turn have to pay a heavy cost for their deviant behaviour. In order to plug the loopholes and strengthen penal provisions relevant laws and rules have been streamlined & tightened.

Steps to track & curb cash transactions

1. Penalising cash transaction of more than Rs.2 lakh except withdrawal from banks & post offices;


2. Cash expense is allowed up-to Rs.10,000 ;


3. Aadhaar mandatory for obtaining PAN;


4. Aadhaar mandatory for filing of income tax returns;


5. PAN mandatory for cash deposits above Rs.50,000;


6. Every bank account should be compulsorily linked to PAN;


7. Prohibiting cash of Rs.20,000 or more in transfer of immovable property by imposition of a penalty of an equal amount;


8. Mandatory reporting of Cash deposit above Rs.2.5 lakh in savings accounts during 9 November to 30 December 2016


9. Mandatory reporting of cash deposits above Rs.12.5 lakh in current account during 9 November to 30 December 2016.

Steps taken to curb black money by various Departments:

1. 23064 searches/ surveys conducted by Central Board of Direct taxes & Central Board of Excise & Customs;


2. Rs. 1.37 lakh crore of tax evasion detected and in 2814 cases criminal prosecution launched;


3. The Enforcement Directorate registered 519 cases and conducted 396 searches against money launders. Arrests were made in 79 cases and properties worth Rs.14,933 crore attached.


4. Under Benami Prohibition (Amendment) Act, 2016, More than 245 benami transactions identified. Provisional attachments of properties worth Rs.55 crore made in 124 cases.


5. More than 1155 shell companies have been identified by various enforcement agencies which were being used as conduits by around 22,000 beneficiaries who in-turn made non-genuine transactions of more than Rs. 13,300 Crore. The Ministry of Corporate Affairs has issued more than 1 lakh notices for striking off names of defunct / non-compliant companies.


6. For co-ordinating and monitoring the department’s action to curb black money a High powered group has been set-up.