Black money worth Rs.300 crore unearthed

December 20th, 2011 - 7:08 pm ICT by IANS  

Pranab Mukherjee New Delhi, Dec 20 (IANS) India’s income tax department seized Rs.299.63 crore of black money, including cash and jewellery, during April-October period of this financial year, Finance Minister Pranab Mukherjee said Tuesday.

Of the total seizure in the first seven months of 2011-12 fiscal, Rs.179.59 crore were in cash. Jewellery worth Rs.95.67 crore and other assets worth Rs.24.36 crore were also seized, Mukherjee said in a written reply to the Rajya Sabha.

In 2010-11, the department had seized black money to the tune of Rs.774.98 crore. It included Rs.440.28 crore in cash, Rs.184.15 crore worth of jewellery and Rs.150.55 crore worth of other assets.

In reply to another question on the regional break-up of the unearthed black money, Mukherjee said the tax department did not maintain state-wise details of seizures and searches.

“The Income Tax department conducts search, seizure and survey operations based on credible information on persons who are in possession of any money, bullion, jewellery or any valuable article or thing which represents wholly or partly which has not been or would not be disclosed for the purpose of direct tax laws,” he said.

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