In a bid to silence critics, Union Finance Minister Arun Jaitley on Wednesday said there was no confusion in figures given by Prime Minister Narendra Modi in his Independence Day speech on black money deposited in banks after demonetisation.

He said the figures on potential revenue gain is based on investigations and notices by the Revenue Department and Central Board of Direct Taxes and the responses received, adding that it “does not depend on any Reserve Bank of India report”.

“The real source is how much money is being deposited? How much of it is unexplained? How many people have deposits which are disproportionate to their sources of income? How many people have been given notices? What is the quantum covered by those notices? The determination of the estimated figure is on that basis,” Jaitley told media persons here.

On August 15, Modi said that forming a special investigation team against black money was the first decision of his government and after three years black money of Rs 1.25 lakh crore had been unearthed.

Referring to the hidden black money brought into the formal economy after the November 8 demonetisation, the Prime Minister said according to research conducted by outside experts, about Rs 3 lakh crore, that had never come into the banking system before, has been brought into it.

Modi said more than Rs 1.75 lakh crore deposited in banks was under the scanner and black money of Rs 2 lakh crore was forced to be deposited in banks.

He said the number of new taxpayers filing income tax returns from April 1 to August 5 had gone up by 34 lakh.

The Prime Minister said over 18 lakh people have been identified whose actual income was much higher than the declared one and around 4.5 lakh persons were trying to tread the right path after accepting their mistakes.

Modi said one lakh people, who had neither heard of income tax nor paid the tax, have now been forced to do so.

First Published | 16 August 2017 8:27 PM
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