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Operation Clean Money to Perform a Surgical Strike on 18 Lakh Accounts

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Individuals will be asked to divulge source of large cash transactions post demonetisation
 
The government said it has identified 18 lakh individuals who will be
required to divulge the source of large cash transactions that they 
undertook in the weeks after demonetisation as part of the income-tax 
department’s Operation Clean Money/ Swachh Dhan Abhiyan initiative.
 
An integral part of the government’s campaign against black money, the 
account holders have been targeted through the use of data analytics 
to sift through information for the period between November 9, when the 
old Rs 500 and Rs 1,000 notes ceased to be legal tender, and December 30,
when the window for their deposit in banks ended.
 
These 18 lakh persons have been identified by the tax department as their 
transactions did not match their tax profile. Cases are being selected for
verification on the basis of approved risk criteria, officials said. The
tax department has enabled online verification of these transactions to 
ensure that people do not face any harassment at the hands of tax officials.
Every permanent account holder will be able to view information about his 
or her transaction using the income tax e-filing portal. ET had reported on 
January 2 about the income-tax department's plan to put information online. 
“Operation Clean Money/Swachh Dhan Abhiyan is a programming software which
will be used to get answers on all the deposits made and only after preliminary
answers from the people, if need be, we would take legal action against those 
people,” revenue secretary Hasmukh Adhia said on Tuesday.
 
1st February 2017 , The Economics Times, New Delhi 

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