The Income Tax Department has continuously been carrying out investigations since the de-monetisation of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. While Searches have been carried out in 291 cases across the country, 295 cases have been covered by survey action. In addition to these, open enquiries have been effected in more than 3000 cases. Approximately ₹ 393 Crore including ₹ 316 Crore cash and ₹ 77 Crore worth of jewellery has been seized. Of the cash seizure, about ₹ 80 Crore is in new currency. As a result of these investigations, approximately ₹ 2600 Crore of undisclosed income has been admitted by the taxpayers.

The success of the Department in unearthing undisclosed incomes and detecting large scale malpractices is due to its focused enforcement actions based upon high quality data analytics under various categories thereby identifying and prioritizing high risk persons/groups. This, coupled with the professional manner of conducting the investigations in a swift and confidential manner, has helped the Department make an impact in a short time.

Income tax searches after demonetisation leading to admissions of undisclosed income and strengthened tax enforcement through data analytics. Income tax searches, surveys and open enquiries initiated after the de monetisation announcement identified prioritized high risk persons/groups using data analytics; searches in 291 cases, survey action in 295 cases and enquiries in over 3,000 matters led to seizures of cash and jewellery and admissions of undisclosed income aggregating approximately Rs. 2,600 crore.