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Govt gets overwhelming response, receives over 4,000 emails on black money within 72 hours

Govt gets overwhelming response, receives over 4,000 emails on black money within 72 hours
Since the announcement, the Indian government's email has been flooded with e-mails on tip-offs on unaccounted wealth.

The government asked for tip-off on black money on its website ‘blackmoneyinfo@incometax. gov.in’ and received more than 4,000 emails.
“We are getting a good response," a finance ministry official told ET.

The enforcement agencies are already keeping a hawk’s eye on suspicious movements and cracking down on fake accounts and black money.
“The government is already acting on the FIU information. The system is capturing a lot of data. We are able to get daily reports on deposits made and that is the reason agencies have been able to carry out focussed action," the official told ET.

Apart from the ongoing investigations, this additional info will further bolster efforts on crackdown on black money.

Information also poured in regarding high-value purchases including jewellery, luxury goods and realty. Companies showing high cash balances could also come under the taxman's radar.

Given the amount of data the government has, the belief that all money deposited in banks has been converted into legitimate wealth may be misplaced as banks have been taking note of unusual deposits and alerting authorities.

For instance, 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.

State Bank of India, Axis Bank, ICICI Bank, HDFC Bank and others have been getting large deposits after Prime Minister Narendra Modi said on November 8 that Rs 500 and Rs 1,000 notes would cease to be legal tender.

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