I-T department launches 2nd phase of Operation Clean Money to probe 60000 people

Apr 15, 2017 11:06 IST

The Income Tax (IT) department on 14 April 2017 launched the second phase of 'Operation Clean Money' to detect black money post-demonetisation. Over 60000 individuals will be investigated in the second phase.

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The Central Board of Direct Taxes (CBDT), the policy-making body of the department, detected undisclosed income of over 9334 crore rupees between 9 November 2016 till 28 February 2017, that time of the Financial Year 2016-17 when old currency notes were banned by PM Narendra Modi.

The identification of undisclosed income was done through use of advanced data analytics, including integration of data sources, relationship clustering and fund tracking. The high risk categories identified include businesses claiming cash sales as the source of cash deposits and large cash deposits made by government employees.

Highlights of the 2nd phase of Operation Clean Money

• As per CBDT, over 60000 people including 1300 high risk people were identified for investigation into claims of excessive cash sales during the demonetisation period.
• More than 6000 transactions of high value property purchase and 6600 cases of outward remittances will be subjected to detailed investigations under the second phase.
• All the cases where no response is received shall also be subjected to detailed enquiries.

• The Income Tax Department (ITD) launched Operation Clean Money (OCM) on 31 January 2017 to leverage technology for e-verification of cash deposits made during the demonetization period that is from 9 November 2016 to 30 December 2016.
• It is being conducted by the Income-tax Department (ITD) through use of advanced data analytics allowing for optimization of government resources.
• The First Phase of Operation Clean Money involved e-verification of cash deposits made in the banks. The entire phase was conducted online wherein 17.92 lakh persons were identified and requested for on-line responses on such transactions.

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