Union Finance Minister Arun Jaitley on 16 May 2017 launched Operation Clean Money Portal with an aim to keep a tab on dishonest citizens hiding their income from the authorities and government.
Highlights of the Operation Clean Money Portal
• It will provide comprehensive information at one place consisting of step by step guides, frequently asked questions, user guides, quick reference guides and training toolkits related to verification process.
• It will enable citizen engagement for creating a tax compliant society and citizens would be able to support the Operation Clean Money by taking pledge, contribute by engaging and educating fellow citizens, and share their experiences and provide feedback.
• It will enable Transparent Tax Administration by sharing status reports and thematic analysis reports.
What is Operation Clean Money (OCM)?
The Operation Clean Money was initiated by the Income Tax Department (ITD) 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.
The First Phase of Operation Clean Money involved e-verification of cash deposits made in the banks. The entire phase was conducted online wherein around 18 lakh persons were identified and requested for on-line responses on such transactions.
There has been an encouraging response to the online verification process as more than 9.72 lakh taxpayers submitted their response. These taxpayers provided response for 13.33 lakh accounts involving cash deposits of around Rs 2.89 lakh crore.
Second Phase of Operation Clean Money
In Phase II of Operation Clean Money, the high risk cases will be handled by selecting appropriate enforcement action (verification, search, survey, scrutiny). A targeted campaign will be initiated in cases with identified risk issues. The Phase II will particularly focus on:
• Communication of specific issue through digital channels like Email, SMS etc.
• Providing detailed explanation to create environment of transparency.
• Sharing investigation findings for specific segments like Jewellers, petrol pump, traders, property purchasers, etc.
• Centralised monitoring and gradual escalation of inadequate response cases for enforcement action.