Recently, the government had launched an email for retrieving and collecting information about Black money from all people who have not yet come clean or from those who might bear undisclosed information about money launderers.
The email – blackmoneyinfo@incometax. gov.in is a typical whistleblowing meachnism formulated to ensure the culprits are caught red-handed in time. The finance ministry official informed ET, that the initiatve is getting a good response.
“People who have knowledge of money launderers can give direct information to us,” revenue secretary Hasmukh Adhia had said.
Massive amount of information is already being received by tax authorities and other investigative agencies. The FIU(Financial Intelligence Unit), part of the Finance Ministry receive abundant data in a daily basis.
The government takes actions on the information received from the FIU. “The system is capturing a lot of data,” the official said. “We are able to get daily reports on deposits made and that is the reason agencies have been able to carry out focussed action,” he added.
To bring to light, all the stashed money kept with the big transaction dealers, government is doing all efforts. Government’s ongoing efforts will be bolstwered by the emailing strategy and will help in digging out black money from across the nation effectively.
High-value purchases including jewellery, luxury goods and realty have been duly reported. Information in this regard has been highly solicited by the government agencies. Companies showing transactions involving high cash balances are likely to enter into the danger zone.
“ The alleged wrongdoing by employees was reported by the banks themselves to the FIU and the information was then used by other investigation agencies, “officials said.
Post Prime Minister Narendra Modi announced the decision of Mega-cash clean-up, State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and others have received large amount of deposits.
FIU has ordered all banks to report adequate information on suspicious transactions by all banks.
Last Friday, the government launched the email, in consonance with the rules for the Pradhan Mantri Garib Kalyan Yojana income declaration scheme.
