The government has reportedly received around 4,000 mails after it made public an official email address for whistleblowers to tip-off tax authorities on black money holders.
The email id, [email protected], is monitored by a cell which will take immediate action of the tip-offs they receive. The government said people can freely report any information related to black money holders as it will not reveal their identity.
The Financial Intelligence Unit (FIU), part of the finance ministry, is already looking into massive amount of data on a daily basis in terms of deposits in bank accounts, illegal currency exchange or hawala transaction and other undeclared income.
The government is also scanning information related to deposits in Jan Dhan and urban cooperative bank accounts, loan repayments, credit card payments, electronic transfers, withdrawals, among others. The government has also received information regarding high-value purchases including jewellery, luxury goods and realty.
Companies showing high cash balances could also come under the taxman’s radar.
It is mandatory for all banking institutions to report any such activities through the Financial Intelligence Unit. The government is already acting on the FIU information.
According to a finance ministry official, it is getting a good response.
“We are able to get daily reports on deposits made and that is the reason agencies have been able to carry out focussed action,” an official said.
The information provided in the emails will add to the government’s concerted efforts to suck out the black money.
As of now, cash in form of new currency worth over Rs.250 crore has been seized by Income Tax and Enforcement Directorate officials in raids conducted across the country.
Income tax and enforcement directorate officials have been conducting raids across the country to unearth old and new currency, jewellery and other high-value items. Several bank officials have also been detained, suspended or sacked for swapping old notes with new without authorisation.