IT is presently doing physical verification of audits of those establishments in Goa that deposited unaccounted money in banks during the demonetization period. The department has issued online notices to over thousands of individuals and business establishments, reports Times of India.
In Goa, there is no data available with banks on how much money had been deposited in old and new currencies.
Sources say if the I-T department is not satisfied with the physical verification, the cases will be transferred to the Enforcement Directorate (ED) for further investigation under the Prevention of Money Laundering Act.
Earlier, IT had carried out search operations in cooperative societies to unearth black money deposited in them. About 30 co-operative societies were found to be having up to Rs 30 crore of unexplained money each.