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IT department initiates 'Operation Clean Money'
The phase of demonetisation is over, now comes another governmental initiative to root out black money in the form of 'Operation Clean Money'.

According to an official release, the Income Tax Department (ITD) has initiated Operation Clean Money. In the initial phase of the operation, e-verification of large cash deposits made during 9th November to 30th December 2016 is going to be taken up.

It has been stated that in the first batch, around 18 lakh identified persons will be scrutinised whose cash transactions do not appear to be in line with the tax payer's profile and they would be required to submit online explanation without any need to visit Income Tax office.

"The response of taxpayer will be assessed against available information. In case explanation of source of cash is found justified, the verification will be closed without any need to visit Income Tax Office. The verification will also be closed if the cash deposit is declared under Pradhan Mantri Garib Kalyan Yojna (PMGKY)," stated the release.

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