In just 54 days, black cash worth around Rs 5000 crore uncovered

New Delhi: The Income Tax department has unearthed black money worth Rs 4,663 crore since the announcement of  note ban in the country wide searches and seizures. The data is till January 1, 2017.

"The department has also seized Rs 562 crore cash, including Rs 110 crore worth new notes, during the raids," news agency ANI said quoting the I-T sources.

Income Tax officials have carried out  a total of 1100 actions since note ban, these include 253 searches, 556 survey, 289 seizures and enquiry operations.The IT department has issued over 5,062 notices to various entities on charges of tax evasion and hawala-like dealings.

During this period IT Dept has sent 5062 notices for verifications, and around 500 references were made to CBI & ED, IT sources said.

In December, the IT department had claimed to have seized over Rs 3,185 crore of undisclosed income during the nation-wide raids against money hoarders.. The department had also claimed to have seized Rs 86 crore cash in new notes. (News24Bureau/ANI)