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India's CBDT Flags Success Of 'Operation Clean Money'

by Mary Swire,, Hong Kong

21 April 2017

India's Central Board of Direct Taxes (CBDT) has released a progress report relating to its 'Operation Clean Money' project, launched on January 31.

In an announcement on April 14, the agency said: "The first phase of the operation involved e-verification of cash deposits made in the banks. The entire phase was conducted online, wherein 1.79 million persons, who entered into cash transactions that did not appear to be in line with their tax profile, were identified and requested for online responses on such transactions. 946,000 persons responded on per pre-defined parameters of sources of the cash deposits."

"Online queries were raised in 35,000 cases and online 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 CBDT went on to reveal that the next phase of the operation has now been launched, into the "identification of high risk persons" for detailed investigations.

"More than 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetization period. More than 6,000 transactions of high-value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations," the agency said.

"The impact of [the] Government action is already visible in the increase of 21.7 percent in the returns of Income received in FY 2016-17; 16 percent growth in Gross Collection, the highest in the last five years; 14 percent Growth in Net Collection - the highest in last three years and above 18 percent, 25 percent, and 22 percent growth in Personal Income Tax, Regular Assessment Tax, and Self-assessment Tax respectively."

TAGS: money-laundering | tax | India | individual income tax

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