Chasing black money hoarders who made high-value cash deposits during the note-ban window, the Income Tax (I-T) Department has identified another 5.56 lakh people in the second phase of ‘Operation Clean Money’, rising total to 6.6 lakh.
The Department has used information received under the Statement of Financial Transactions from banks to identify additional cases.
“These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetisation period. All identified persons are being informed through email and SMS for submitting their response online,” the Finance Ministry said in a statement on Friday, adding that another 1.04 lakh people who did not disclose all bank accounts during e-verification in the first phase of operation clean money have also been identified.