Rs.5400 crore undisclosed income detected by IT Dept from 11 MPs


New Delhi, Feb.8 (ANI): Minister of State for Finance Santosh Kumar Gangwar has informed Shimla Member Parliament Virender Kashyap and 10 other Members of Parliament in the Lok Sabha that the Income Tax Department conducted more than 1100 searches, seizures and surveys and issued more than 5100 notices, during the period November 9 2016 to January 10, 2017, for verification of suspicious high value cash deposits in old high denominations as part of on-going actions against black money post demonetization.

He told Kashyap in a written reply that these actions have led to the seizure of valuables of more than Rs. 610 crore which includes cash of Rs. 513 crore. Rest of the seized valuables is mainly in the form of gold, jewellary and silver. Seizure of cash included new currency notes of about Rs 110 crore. The undisclosed income detected till 10th January 2017 in these on-going investigations was more than Rs. 5400 crore.

Relevant information has been shared by the Income Tax Department with other law enforcement agencies such as Enforcement Directorate and Central Bureau of Investigation, for appropriate action.

Gangwar further informed that as on November 8, 2016 there were 17165 million pieces of Rs. 500 and 6858 million pieces of Rs. 1000 in circulation. The value of Specified Bank Notes of Rs. 500 and Rs. 1000 returned to RBI and Currency Chests amounted to Rs. 12.44 lakh crore as of December 10, 2016.

He also said that appropriate action against offenders is an on-going process, adding that a number of effective measures have been taken by the government to verify cash deposits in old Rs.500 and Rs.1000 notes made in the banks by those persons in whose case deposits were not in line with their existing profile based upon filings with the income tax department.

Such measures include e-verification process of cash deposits under ‘Operation Clean Money’ which includes collection of relevant information on cash transactions, collation and analysis of such information, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious verification of suspect cases mostly in a non-intrusive manner and enforcement actions in appropriate cases, which include searches, surveys, enquiries, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.


This app can scan objects!

​London: Next time you eat an apple, you can know its specific constituents by looking directly inside it using your smartphone, thanks to the engineers who developed an app that can ‘scan’ an object and reveal the information about it.
The “HawkSpex mobile” app developed by engineers from Fraunhofer Institute for Factory Operation and Automation IFF in Magdeburg (Germany) gives the information about the objects by aiming the smartphone at the object and scanning it.

For example, if you want to know about an apple, just take out your smartphone and open “HawkSpex mobile” app and scan it. The results will show you if the apple contains pesticide residues and its constituents.

Though such scanning devices already exist, they require users to install additional parts such as a prism onto the front of the integrated camera.

What makes this app unique is “users do not need anything for a scan other than the camera already integrated in their smartphones,” said Udo Seiffert from Fraunhofer IFF.

Researchers said the app can be used for quality control of foods, the effectiveness of cosmetic products or even agriculture.

The app might be launched in the market around the end of 2017.

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