CBDT Chairman Rounds Up Total Seizure Of Cash, Jewellery Since Demonetisation

Chairman of the Central Board of Direct Taxes Sushil Chandra said around 3,000 notices have been issued on the basis of deposits made in banks since the demonetisation announcement was made on 8 November. So far 291 searches and seizures and 295 surveys have been made, he added.

Seized cash, Chandra said, amounts to Rs 316 crore. New currency makes up Rs 80 crore of the sum total. Jewellery worth Rs 76 crore has been seized. Total seizure so far amounts to Rs 393 crore.

Chandra also provided a figure for the concealed income admitted so far.

He said real-time data collection and monitoring has been underway since after the old high-denomination currency notes were scrapped, and so people should come clean with their unaccounted money through the disclosure scheme under PMGKY.

Here’s all the income disclosure scheme under PMGKY: All You Need To Know About The New Taxation And Investment Regime For PMGKY