IT department to issue notices to 60,000 persons with black money

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At least 60,000 people will be issued notices by the Income Tax Department in what is known as a second round of clean up after the decision on demonetisation was made. The Central Board for Direct Taxes said that the IT department has introduced a second phase of its operations to detect black money post demonetisation.

IT department to issue notices to 60,000 persons with black money

The IT department has scanned and investigated various accounts and found that several persons still have black money with them. In the second phase, 60,000 people have been identified with black money. Notices would be issued to all them, the CBDT says.

Post demonetisation, the IT department had conducted a series of raids across the country and several thousand crores worth of black money had been detected. While the IT department concluded the first round of clean up, it has decided to begin phase 2 now. Prime Minister Narendra Modi had said on November 8 that the Rs 500 and 1,000 notes would no longer be legal tender and this step was being taken to rid the country of black money.

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