IT Dept seized over Rs. 1.50 crores in a week

Ahead of the coming Lok Sabha Elections, the Income Tax department has seized over Rs. 1.50 crores from the seven States of Northeast India within a week. The Directorate of Investigation of Income Tax department informed about the seizure on Monday.

The officials of the department also informed that they have initiated several inquiries regarding the seizures. The IT Department has ordered the banks to report all deposits and withdrawals above Rs. 10 lakhs to the Investigation Wing of the department.

Focusing on the general elections, the department has intensified the drive against the flow of undisclosed money in collaboration with the police, CISF, banks and several other government agencies. It has been actively monitoring high value suspicious transactions of cash deposits and withdrawals in banks.

In the coming days, the department is likely to increase human intelligence inputs and systemic analysis of its database to monitor the flow of undisclosed money.