IT raids across the country as PMGKY deadline ends
With the March 31 deadline to declare illegal assets coming to an end, officials of the Income Tax department have been conducting raids across the country. In a crackdown on black money hoarders, IT department has been conducting search operations at various locations after the deadline to declare illegal assets under the PMGKY scheme ended on March 31.
The IT department raided around 50 locations across the country. More than 30 premises of Ahmedabad-based group engaged in infra business were being searched. Searches are also being conducted at 19 places in Pune including on properties belonging to a group engaged in processing and trading of agro commodities.
In a series of advertisements starting March 21, the income tax department had been urging black money hoarders to declare their assets under the Pradhan Mantri Garib Kalyan Yojana. The department had claimed that action will be taken against those who try to hide their unaccounted assets. The income tax department had cautioned that stash holders avail the scheme or face stringent action under Benami laws, adding that the defaulters' names would also be shared with the central probe agencies like the Enforcement Directorate and the CBI.