NEW DELHI: The government on Monday told the Lok Sabha that the income tax department has seized assets of over Rs 8,800 crore during the 5,931 search operations conducted by it between 2014-15 and 2021-22.
Replying to a question, minister of state for finance Pankaj Chaudhary told Parliament also said that tax demand of over Rs 13,500 crore has been raised under the Black Money Act. The demand was raised in close to 350 cases since the law was enacted in 2015.
Further, the minister said, 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made under the one-time three months compliance window, which closed on 30 September. 2015. Penalty and tax from this added up to Rs 2,476 crore.
The government on Monday also told the Lok Sabha that it has not issued any instructions to banks on whether to load ATMs with Rs 2,000 notes or not.
“No instructions have been given to banks for not filling Rs 2000 notes in Automated Teller Machines (ATMs). Banks make their own assessment of amount and denominational requirement for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc,” finance minister Nirmala Sitharaman said in the Lower House.
Quoting RBI annual reports, she also said that the indent for supply of Rs 2000 denomination banknotes has not been placed from 2019-20 onwards. The government and RBI had introduced Rs 2,000 notes in the system in 2016 following the demonetisation of the old Rs 500 notes and Rs 1,000 bills.
Replying to a question, minister of state for finance Pankaj Chaudhary told Parliament also said that tax demand of over Rs 13,500 crore has been raised under the Black Money Act. The demand was raised in close to 350 cases since the law was enacted in 2015.
Further, the minister said, 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made under the one-time three months compliance window, which closed on 30 September. 2015. Penalty and tax from this added up to Rs 2,476 crore.
The government on Monday also told the Lok Sabha that it has not issued any instructions to banks on whether to load ATMs with Rs 2,000 notes or not.
“No instructions have been given to banks for not filling Rs 2000 notes in Automated Teller Machines (ATMs). Banks make their own assessment of amount and denominational requirement for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc,” finance minister Nirmala Sitharaman said in the Lower House.
Quoting RBI annual reports, she also said that the indent for supply of Rs 2000 denomination banknotes has not been placed from 2019-20 onwards. The government and RBI had introduced Rs 2,000 notes in the system in 2016 following the demonetisation of the old Rs 500 notes and Rs 1,000 bills.
