I-T seizes Rs 48 cr worth undisclosed assets in Karnataka, Goa

Bengaluru: Undisclosed assets worth Rs 48 crore, including Rs 22 crores in new currency notes, had been unearthed during searches conducted by the Income Tax department in Karnataka and Goa since the Centre announced demonetisation of high-value notes, a top official said on Wednesday. "We have seized an undisclosed amount of Rs 34 crores in cash and Rs 14 crores in bullion, and out of which Rs 22 crores were in new currency notes, post-demonetisation," Principal Chief Commissioner of I-T, Karnataka-Goa, Nutan Wodeyar told reporters here. hefty amount of money seized in I-T raids in Karnataka/ ABP News Image Giving figures of seizures made by I-T this year so far, Wodeyar said the department conducted 48 searches and seized Rs 116 crores worth undisclosed assets compared to Rs 27 crores during the corresponding period in the previous year. "Compared to 14 searches conducted last year, this year 48 searches were made," she said. The department also conducted 36 surveys as on Wednesday compared to 38 last year and found a concealment amount of Rs 393 crores compared to Rs 140 crores during last year. Replying to a query, Wodeyar said the department so far this year had initiated 15 prosecutions and expect the numbers to go up. She, however, declined to reveal the names of those facing prosecution. With the last date for depositing old currency in the banks is coming close, PM Modi on Wednesday chaired a meeting with his cabinet members. During the meet, the cabinet has passed an ordinance which says ‘holding old currency beyond March 31 could lead to a hefty fine or imprisonment’. The penalties will be imposed on anyone who possess old Rs 500 and Rs 1000 notes post December 30, as the last date to deposit the demonetised money in banks would expire on this date. A fine of Rs 5000 will be levied on people who would indulge in any transactions using old currency. The ordinance, named as ‘The Specified Bank Notes Cessation of Liabilities Ordinance’, will remove liability of government and RBI on the demonetised Rs 500 and Rs 1000 notes According to the sources, possessing old currency post March 31 could lead to a imprisonment for four years.