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 transaction…