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Last Updated : Oct 15, 2018 01:52 PM IST | Source:

Revenue department issued notices to 10,000 depositors post demonetisation

The move comes at a time when the department is analysing data on deposits of cancelled currency notes after demonetisation

In a crackdown on benami transactions, the revenue department has issued preliminary notices to around 10,000 people under the benami law, asking them to produce source of income details, according to a report by The Economic Times.

The department is analysing data on deposits of cancelled currency notes after demonetisation.

According to the report, in several banking transactions -- done after demonetisation in November 2016 -- people had deposited cash in bank accounts not belonging to them.


The income tax department is using big data analytics to detect tax evasion, the report adds.

The data includes tax returns, credit card, PAN details, call records and data available on social media platforms.

The Benami Transactions (Prohibition) Act, 1988 was amended through the Benami Transactions (Prohibition) Amended Act, 2016.

The amended law empowers the specified authorities to provisionally attach benami properties which can eventually be confiscated.

If a person is found guilty of offence of benami transactions by the competent court, the person shall be punishable with imprisonment. The person shall also be liable to fine which may extend to 25 percent of the fair market value of the property.

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First Published on Oct 15, 2018 01:52 pm
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