Skip to main content

New technology to recover black money indian government

In order to find unaccounted black money, a new software has been introduced in the income tax department, 'e Veribi cation', which will do the budgeting.

New technology to recover black money
Black money recover


How can Government control black money


The Income Tax Department, which functions under the Union Finance Ministry, is involved in tax collection using various types of digital technology. Adopt new online registration system to regularize taxpayers and ensure fairness in accounts is in effect.

Income Tax department has launched a new software called "Project Insight" to recover black money. The software was launched in March 2023 and is designed to help the department identify and track down black money transactions. The software uses data from a variety of sources, including banks, financial institutions, and government agencies, to identify suspicious activity.

Project Insight has already yielded some results. In the first few months of its launch, the software helped the department identify over Rs. 10,000 crore in black money transactions. The department has also used the software to track down and seize assets belonging to black money holders.

The launch of Project Insight is a significant step forward in the government's fight against black money. The software will help the department to identify and recover black money more effectively, which will boost the government's tax revenue and help to create a more equitable society.

Here are some of the key features of Project Insight:

It is a data-driven software that uses data from a variety of sources to identify suspicious activity.

It is a real-time software that can track transactions in real time and generate alerts when suspicious activity is detected.

It is a user-friendly software that can be used by tax officials of all levels of experience.

It is a scalable software that can be expanded to handle a large volume of data and transactions.

Accordingly, all types of accounts filed for the year 2022-23 are being verified through the online method of e-taxation.

For this, the annual statement of individual banking transactions is compared with the annual budget statement filed by banks and financial institutions. If false information is found to have been entered, additional information will be sought from both parties.

If the explanation is satisfactory, it will be accepted by the Income Tax Department. If the account is hidden, on them. A criminal investigation is also to be decided. For this purpose, the Intelligence and Crime Investigation Unit has been formed, the Income Tax Department officials said.

The launch of Project Insight is a welcome development and is expected to help the government in its fight against black money.

Comments

Popular posts from this blog

Today gold price April 2025

Today gold rate status in tamilnadu, 22 carat gold is a type of gold alloy that is 91.67% pure gold. The remaining 8.33% is made up of other metals, such as copper, silver, or zinc. This makes 22 carat gold more durable than 24 carat gold, which is 99.99% pure gold. 22 carat gold is also more affordable than 24 carat gold.  Today's Gold Silver price Updated on 05th April 2025 What is the rate of 1 gram gold in Tamil Nadu Today gold silver price 22/24 carat 22ct 1 gm ₹8,310/110⬇️ 24ct 10 gm ₹91,600/1400⏬ 1 gm silver103,00/R5⬇️ 1kg Bar silver ₹90,700 /5300 ⏬ Trading gold silver market live USDINR Rates by TradingView GOLD Quotes by TradingView SILVER Quotes by TradingView The purity of gold is measured in carats, with 24 c...

This gold price is not permanent.

This gold price is not permanent, but when people think of a problem in the country, they buy gold first. It is good to buy as much as needed, but buying too much is foolish. When there is a famine, the things they buy are food, clothing, and money. If we don't have money, it is difficult to sell gold for urgent needs. Gold price Gold market crash history   Will there ever be a situation where gold , which has been rising very, very rapidly in a short period of time, will become a commodity? Studies on gold say that it may come. If we look at the price of gold over the past 50 years, rather than just 10 or 20 years, it seems that what you are saying has happened. That is, in September 1980, the price of 1 ounce of gold touched $666. 19 years later, in September 1999, the same 1 ounce of gold was sold for $255. A 62 percent decline. An ounce did not touch $666 again until 2007. That is, 27 years later. Next, in 2012, 1 ounce of gold touched $1,772. But, in just three ye...

FADF monitors the Indian jewelery industry

FATF says India's jewelery industry needs to be monitored,     Risks being used to finance terrorism  NEW DELHI, France-based financial watchdog FATF has warned that high-volume transactions in India's gems and jewelery sector are likely to be used as tools for money laundering and terrorist financing. In this regard, the organization's statement said As the trade in navarat gems and gold jewelery has grown in India, there is a risk of their smuggling and black money transactions also increasing. Removal of ban on gold loan to IIFL Mumbai, 'I.I.F. RBI has removed restrictions imposed on the gold loan business of L. Finance, the company said.  I.I. F. RBI had imposed restrictions on the gold loan business of L. Finance Company on March 4. They have now been withdrawn, the company said in the stock exchange. Through this, the company has been allowed to engage in gold loan business again. monitoring In this sector, there are about 1.75 lakh distrib...