I-T Department has yielded whopping Rs 2,900 crore in record 586 searches in just one month

The Income Tax Department carried out record 586 searches across India since demonetisation and recovered Rs 2900 crore from different locations. It has just been a month since note ban was announced, wiping out 86% of cash from circulation.

The I-T officials yielded more than Rs 300 crore in cash seizures, Rs 79 crore in new currency notes of Rs 2,000, and unaccounted income of Rs 2,600 crore.

The highest raid carried out was in Tamil Nadu where the officials recovered more than Rs 100 crore in cash in one single search in Chennai. The total cash seizure from Tamil Nadu has been in excess of Rs 140 crore besides gold seizure worth Rs 52 crore.

In Delhi, officials seized Rs 14 crore in cash from a lawyer’s house.

A Bank of Maharashtra branch in Pune revealed that 15 lockers were acquired by one person in August at the bank's Parvati branch. The 15 lockers yielded Rs 9.85 crore in cash - Rs 8 crore in new Rs 2,000 notes and the rest in Rs 100 notes.

A Bank of Maharashtra official on Wednesday said that it allowed the company only two transactions of Rs 50,000 each since November 8. It is not clear if the company has more accounts in other banks and what the source of this massive stash was.