In the fight against black money over the past three years, 23,064 searches/surveys have been conducted, authorities said.

 

Also, more than Rs. 1.37 lakh crore of tax evasion has been detected.

 

Simultaneously, criminal prosecutions were launched in 2814 cases and 3,893 persons were placed under arrest.

 

The Enforcement Directorate intensified its anti-money laundering actions by registering 519 cases and conducting 396 searches. Arrests were made in 79 cases and properties worth Rs.14,933 crore were attached.

 

The Benami prohibition law which remained in-operative for last 28 years was made operational through a comprehensive amendment with effect from November, 2016. More than 245 benami transactions have already been identified. Provisional attachments of properties worth Rs.55 crore have already been made in 124 cases.

 

Effective steps were taken to track & curb cash transactions through various means like penalising cash transaction of more than Rs.2 lakh; limiting allowable cash expense up-to Rs.10000 only; making Aadhaar mandatory for obtaining PAN & filing of income tax returns; making PAN mandatory for cash deposits above Rs.50,000; compulsory linking of PAN with bank accounts; prohibiting cash of Rs.20,000 or more in transfer of immovable property by imposition of a penalty of an equal amount and mandatory reporting of cash deposits above Rs.2.5 lakh in savings accounts and Rs.12.5 lakh in current account during November 9 to December 30, 2016.

 

Crackdown against thousands of shell companies engaged in nefarious activities was effected through enforcement actions. During the last three financial years (2013-14 to 2015-16), Income Tax investigations led to detection of more than 1,155 shell companies / entities used as conduits by over 22,000 beneficiaries. The amount involved in non-genuine transactions of such beneficiaries was more than Rs. 13,300 crore.

 

The Ministry of Corporate Affairs has issued more than a lakh notices for striking off names of defunct / non-compliant companies. A high powered group has been set-up for co-ordinating and monitoring the actions taken by departments concerned with the objective of eliminating the conduits of black money generation and application.