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White Collar Journal (April 2017)


The Indian Government has launched a massive drive against undisclosed money. Through this, it has identified around 1.8 million persons and legal entities who deposited amounts of INR 500 thousand (US $ 7,700) or more in the period between November 9, 2016 and December 30, 2016 and whose income profiles did not match the amounts deposited. In many cases, the Income tax department also sought clarifications regarding the source of the income from the depositors. This follows the November 8 announcement of demonetization of INR 500 and INR 1000 currency notes across the country.

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