Black money affecting the educational institutions and real estate

Black money affecting the educational institutions and real estate
26/11/2016 , by , in News/Views

Tax department has unearthed Rs 32,000 crore through searches in last three fiscals and found that use of black money is rampant in sectors like real estate and educational institutions, government said.

“The data indicates that the main sectors in which black money is rampant include real estate, finance, trading, manufacturing, educational institutes and services,” Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha.

Also 545 searches conducted in 2014-15 have led to admission of undisclosed income worth Rs 10,288 crore. Total assets seized amounted to Rs 761.70 crore.

Besides, 569 searches in 2013-14 saw admission of undisclosed income of Rs 10,791.63 crore and asset seizure of Rs 807.84 crore.

He said the government has taken several measures to effectively tackle the issue of black money. These include prohibition of acceptance of payment/advance of Rs 20,000 or more in cash, enactment of benami transaction law and mandatory quoting of PAN for transaction above Rs 2 lakh.

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