Operation Clean Money II launched

Q.  Which scheme has been launched to detect black money generation post demonetisation?
- Published on 17 Apr 17

a. Operation Clean Money
b. Operation Safe Money
c. Operation Safe Cash
d. Operation Clean Cash

ANSWER: Operation Clean Money
The Income Tax department will investigate over 60,000 individuals under the second phase of the 'Operation Clean Money'.

This operation was launched today with an aim to detect black money generation post-demonetisation.

The Central Board of Direct Taxes (CBDT), policy-making body of the department, has detected undisclosed income over INR 9,334 crore between the period of November 9, 2016 till February 28 this year.

Note bans were announced by PM Modi in Nov 2016. More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period.

More than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations (under Operation Clean Money II).

Advanced data analytics has been used to identify suspect cash deposits before launching the latest edition of the operation.

As part of the first phase of the 'Operation Clean Money', launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.

Under Operation Clean Money, the initial communication to the 60,000 will be via online queries.

Tax officials will also undertake searches and surveys and seek physical documents from the assessee.

It will also probe government or public sector employees who made “large cash deposits” as well as people who made high-value purchases, “layered” or laundered funds by using shell companies and who did not respond to queries under the first phase of the operation.

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