With the second phase of the Lok Sabha elections slated to be held on Thursday, the Income Tax department has so far seized Rs 7.33 crore from the Northeastern states.
While informing about the seizure, the officials of the Income Tax department also said that the banks had been asked to report all deposits and withdrawals above Rs 10 lakh to the Investigative Wing of the department.
Ahead of the first phase of the Lok Sabha elections, the Income Tax department had seized Rs 5.84 crore cash from the Northeastern region.
Officials of the Income Tax department said that the amount was seized between March 12 and April 8, 2019.
Also read: Huge amount of unaccounted cash seized across different parts of Assam
The Directorate of Income Tax has so far deployed over 160 officials at strategic locations across the region, including air intelligence teams at 12 airports.
It is also being assisted by the Financial Intelligence Unit of India, RBI and 68 banks to initiate investigation into hundreds of suspicious cash deposits and withdrawals above Rs 10 lakhs through banks across Northeast.
The Directorate is going to use ‘Big-Data’ mining and analytical tools to identify high risk transactions and it is expected that investigation of these transactions may unearth substantial amount of black money.
