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Demonetisation impact: I-T Dept detects Rs.9,334 cr undisclosed income

Revealing details of demonetisation impact on black money, the Central Board of Direct Taxes (CBDT) on Friday said the Income…

Demonetisation impact: I-T Dept detects Rs.9,334 cr undisclosed income

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Revealing details of demonetisation impact on black money, the Central Board of Direct Taxes (CBDT) on Friday said the Income Tax Department has detected Rs.9,334 crore undisclosed income post demonetisation.

“IT Department has detected Rs.9,334 crore undisclosed income post demonetisation till 28 February,” the CBDT stated.

Demonetisation or note ban of Rs.500 and Rs.1,000 notes was announced by Prime Minister Narendra Modi on November 8 midnight to curb black money and terrorism and promote digital transactions.

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Meanwhile, according to NITI Aayog, "There has been a phenomenal 584 per cent increase in transactions made through the Unified Payments Interface (UPI) since demonetisation”.

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