New Delhi: Initiating stringent action against black money holders after demonetisation, the income tax department on Monday said it has issued 87 notices and attached bank deposits worth crores in 42 cases nationwide under the newly enforced Benami Transactions Act which attracts a heavy penalty and rigorous jail term of a maximum 7 years. “After in-depth investigations, the I-T department has issued 87 notices under section 24 of the said Act (notice and attachment of property involved in benami transaction). ALSO READ: Indian economy not in good shape, says Manmohan SinghThe I-T department is the nodal department to enforce the said act in the country. They said the taxman has issued numerous summons under the Benami Transactions Act and is in the process of issuing more. The decision, they said, to slap the stringent provisions of the Benami Transactions Act was taken after analysing serious cases where the illegalities were blatant and suspect cash was deposited in either benami accounts or Jan Dhan or dormant accounts.

Source: Mint January 30, 2017 15:56 UTC