The Income Tax Department (ITD) launched Operation Clean Money (Swachh Dhan Abhiyan), an e-platform to analyse large cash deposits made during the demonetisation window (9 November to 30 December 2016). Under it, e-verification of large cash has been done using data analytics for comparing the demonetisation data with information in ITD databases.
- In the first batch of the operation,around 18 lakh persons have been identified in whose case, cash transactions do not appear to be in line with the tax payer’s profile.
- It comprises account-holders whose deposits did not match their incomes, as per data with the IT department, will be alerted on their e-filing portals.
- IT department has sent emails and phone text messages to these accountant holders to seek their explanation about the source of funds and a response within 10 days.
- In absence of a response, they will receive a notice from the tax department or further action.
- The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY).