In its country-wide operations against black money hoarders post demonetisation of Rs 500 and Rs 2000 notes, the Income Tax department has detected over Rs 3,185 crore of un-disclosed income and has also seized Rs 86 crore worth new notes.
The department has also seized cash and jewellery worth over Rs 428 crore during the same period.
Official sources said the taxman carried out a total of 677 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued over 3,100 notices to various entities on charges of tax evasion and hawala-like dealings.
"The total undisclosed income admitted or detected as part of this action, till December 19, is more than Rs 3,185 crore," they said.
They said that the seized new currency of Rs 86 crore is mostly in Rs 2000 notes.
The agency has also referred over 220 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.
Officials said various tax offices in the country and it's policy-making body Central Board of Direct Taxes (CBDT) are also coordinating with banks and their regulator RBI as part of these investigations, being carried out to check tax evasion and illegal profiteering leading to black money.
Meanwhile, the headquarters of these probe agencies have issued orders to all their field formations to deposit the new currency, being seized by their officials in operations, in bank accounts rather than keeping it in strong rooms.
"This way the new currency can come into circulation and help banks dispense it to the public," they said.
The I-T department has also asked its field formations to coordinate with local police, also making huge cash and jewellery seizures, to understand the complete modus operandi of black money generation post demonetisation.
(With PTI inputs)