New Delhi, February 4

The Income Tax (I-T) Department is putting into action Operation Clean Money , under which the department has identified 18 lakh people who have made ‘suspicious’ cash deposits following the the Indian government’s move to demonetise Rs 500 and Rs 1,000 notes.

The IT department identified undisclosed income of around Rs 4.17 lakh crore in bank and post office deposits.

Under Operation Clean Money, which was launched on Tuesday, the department will send emails and SMSes to 14 lakh account holders, giving them ten days to provide an explanation about their source of funds. If these messages go ignored, notices would be sent to them for further action.

Operation Clean Money

The officials said that they posted the information about the cases verified through online in Income Tax portal at PAN holder e-filing window. People can check the information by using cash transaction 2016 in PAN holder portal’s compliance section.

They suggested that every person should register their details in the IT portal. Customers can clear all their doubts through online. The answers should be submitted through online after verification, which will be updated later in the portal.

The IT officials are checking income tax returns of tax payers for the past 10 years in order to put a check to black money.

View More:

More Shocks for Black Money Holders in Stock