Rs 100 crore black money: I-T raids at 50 locations across India

[F-14B]

NEW DELHI: The Income Tax department on Thursday conducted searches at over 50 locations as part of its crackdown against tax evasion to the tune of over Rs 100 crore, its first major action after the black money disclosure window of PMGKY ended recently.

Officials said the first set of raids are being conducted against an Ahmedabad-based real estate and infrastructure player. Tax sleuths, they said, have visited 30 locations in cities like Rajkot, Mumbai, Delhi, Hyderabad and Ahmedabad as part of this action and multiple entities and people have been brought under the action.
This is the first major I-T action after the black money window of the Central Board of Direct Taxes (CBDT) on the total PMGKY declarations, officials indicated it to be around a little over Rs 3,000 crore.

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[Mikesingh]

It was said that black money runs a parallel economy amounting to around Rs 500,000 crores! This Rs 100 crore here and Rs 1000 crore there, is peanuts! Tip of the iceberg. Where's the rest of the loot?