14 April, New Delhi
More than 60,000 people will soon face notices for excessive cash sales during the demonetisation period, the Government said here Friday.
The cash sales by these persons, including 1,300 of high risk, and more than 6,000 transactions of high value property purchase and 6,600 cases of money sent abroad was being subjected to thorough investigation under the Operation Clean Money (OCM), the Finance Ministry said.
All the cases where no response is received will also be subjected to detailed inquiries.
The First Phase of Operation Clean Money involved e-verification of cash deposits made in the banks. The entire phase was conducted online, wherein 17.92 lakh persons, who entered into cash transactions that did not appear to be in line with their tax profile, were identified and requested for on-line responses on such transactions. As many as 9.46 lakh persons responded on pre-defined parameters of sources of the cash deposits.
Online queries were raised in 35,000 cases and on-line verification was completed in more than 7,800 cases. It has been decided to close the verification in cases where explanation of source of cash was found to be justified. In cases where the cash deposit has been declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY), the verifications would also be closed.
The operation has now moved into the second phase with identification of high risk persons for detailed investigations by the Income Tax Department.