New Delhi: The income tax department has stepped up its drive against those 'misusing' the demonetisation drive to convert 'black money' into 'white' and has issued over 5,000 notices and detected undisclosed income of close to Rs 4,200 crore.
Since November 8, nearly 1,000 surveys and search and seizure operations were conducted across the country. Between December 22 and 28, over 200 such operations were undertaken, data with the department showed.
While surveys involve scrutiny of books, cash and other assets, search and seizure are referred to as raids in common parlance.
Of the Rs 458 crore cash seizures, Rs 105 crore, which is a tad under a quarter, was in new currency notes of Rs 500 and Rs 2,000, indicating the widespread use of banking and cash mules.
