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I-T initiates steps to unearth black money during polls

By STAFF REPORTER
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GUWAHATI, April 9 - As cash seizures soared across the North East, the Investigation Directorate of the Income Tax department is planning to use �big-data� mining and analytic tools to identify high risk transactions.

Big Data Mining and Analytics discovers hidden patterns, correlations, insights and knowledge through mining and analysing large amounts of data obtained from various applications. It is usually performed on a large quantity of unstructured data that is stored over time by an organisation. Information across various government databases such as records of the Registrar of Companies, immigration data, GST Network databases, RBI records and annual information return filings are a goldmine of �big data�.

�It is expected that investigation of these high risk transactions may unearth substantial black money,� an I-T official said.

The investigation wing of I-T has already initiated investigation into over 200 suspicious cash deposits and withdrawals above Rs 10 lakh through banks across the North East and is being assisted by the Financial Intelligence Unit of India, RBI and 68 banks in this mammoth exercise.

While cash seizures of Rs 1.21 crore were made during the general elections of 2014 by the Investigation Directorate in the North East, the cash seizures in 2019 elections by the directorate have already reached Rs 5.84 crore between March 12 and April 8.

�Cash seized in just 27 days of election time enforcement is more than 50 per cent of unexplained cash seized in whole of financial year 2017-18 and even exceeds seizure amount in entire pre-election period of financial year 2018-19,� the official said.

Since the announcement of the general elections 2019, the Directorate of Income Tax (Investigation), North East Region has been on an intense intelligence and enforcement drive to counter flow of black money during elections. Over 160 I-T sleuths have been deployed at strategic locations across the North East, including air intelligence teams at 12 airports.

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I-T initiates steps to unearth black money during polls

GUWAHATI, April 9 - As cash seizures soared across the North East, the Investigation Directorate of the Income Tax department is planning to use �big-data� mining and analytic tools to identify high risk transactions.

Big Data Mining and Analytics discovers hidden patterns, correlations, insights and knowledge through mining and analysing large amounts of data obtained from various applications. It is usually performed on a large quantity of unstructured data that is stored over time by an organisation. Information across various government databases such as records of the Registrar of Companies, immigration data, GST Network databases, RBI records and annual information return filings are a goldmine of �big data�.

�It is expected that investigation of these high risk transactions may unearth substantial black money,� an I-T official said.

The investigation wing of I-T has already initiated investigation into over 200 suspicious cash deposits and withdrawals above Rs 10 lakh through banks across the North East and is being assisted by the Financial Intelligence Unit of India, RBI and 68 banks in this mammoth exercise.

While cash seizures of Rs 1.21 crore were made during the general elections of 2014 by the Investigation Directorate in the North East, the cash seizures in 2019 elections by the directorate have already reached Rs 5.84 crore between March 12 and April 8.

�Cash seized in just 27 days of election time enforcement is more than 50 per cent of unexplained cash seized in whole of financial year 2017-18 and even exceeds seizure amount in entire pre-election period of financial year 2018-19,� the official said.

Since the announcement of the general elections 2019, the Directorate of Income Tax (Investigation), North East Region has been on an intense intelligence and enforcement drive to counter flow of black money during elections. Over 160 I-T sleuths have been deployed at strategic locations across the North East, including air intelligence teams at 12 airports.

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