On November 8, 2016, Narendra Modi government scrapped high currency notes of Rs. 500 and Rs. 1000 to crackdown illicit money, practise of tax evasion and corruption from the system.
Post the demonetisation move, the Income tax department today reported undisclosed income to the tunes of Rs. 7,961 crore from November 2016 to March this year. The minister of state for Finance said that the department during the specified timeframe undertook search operations on as many as 900 groups and seized assets valuing over Rs. 900 crore and an undisclosed income of Rs 7,961 crore was unearthed.
Further, the minister said that after scrapping of the legal nature of the specified currency, fake Indian currency note or FICN worth Rs 18.70 crore have been seized until November 30, 2017 in comparison to Rs 15.70 crore seized in the corresponding period last year.
With Inputs From PTI