Rs 1.30 lakh cr undisclosed income detected post anti-black money measures

Anti-black money measures including demonetisation have brought undisclosed income of about Rs 1.30 lakh crore to tax, Finance Minister Piyush Goyal said Friday.

He said the government is committed to eliminating the ills of black money.

"Anti-black money measures taken by us during the last four-and-half years in the form of black money law, Fugitive Criminal Offenders Act, and demonetisation, have brought undisclosed income of about Rs 1,30,000 crore to tax, and led to seizure and attachment of assets worth Rs 50,000 crore," Goyal said while presenting the interim budget for 2019-20 in the Lok Sabha.


Such measures have also compelled holders of large cash currency to disclose their source of earnings, he said.

The minister said that during this period, benami assets worth Rs 6,900 crore and foreign assets worth Rs 1,600 crore were attached.

As many as 3,38,000 shell companies have been detected and de-registered, and their directors disqualified. he added.

The government had demonetised currency notes of 500 and 1,000 denomination on November 8, 2016, to check black money. It later issued new Rs 500 and Rs 2,000 notes.