New Delhi, December 12: Demonetization effect : It looks like the Income Tax department has suddenly become more active ever since the demonetisation. One after another there are cases of more people being caught from different parts of India on keeping huge amount of the Notes, especially the new currency notes.
Initially there were rumours of gps chips in the new currency notes and now there are rumours of radioactive ink in the new notes. As the number of IT raids have gone up with 100% success rates, it looks like there is something behind this to make the IT raids success, is it radioactive inks.
What is Radioactive Ink and how it is used?
It is rumoured that a radioactive isotope of Phosphorous is used in the radioactive ink in minimum quantity. It is used like a radioactive warning tape. When more than allowed currency is accumulated at a place, the radioactive indicator in the currency indicates it. Thus, I-T department gets to know when huge amount of new currency is deposited at a place other than the bank.
How Phosphorous Isotope works? : Isotopes are versions of an atom or an element that have the same number of protons, but different numbers of neutrons. When these isotopes are unstable, i.e. there is inequity of neutrons and protons, then they become radioactive. When a phosphorous atom contains 17 neutrons and 15 protons, it is called phosphorous-32, is not stable. This atom is radioactive, since it has too much energy, making it unstable. This extra energy gets released from the unstable atom. This process is known as radioactive decay. This extra energy, which gets emitted by radioactive elements comes in three different types: Alpha, Beta and Gamma rays. Alpha radiation is a stream of positively charged alpha particles. Beta radiation is a stream of negatively charged beta particles. Gamma rays has no charge but it has a lot of energy (more than visible light of X-rays), hence it is able to pass through most materials. This makes it very dangerous and detectable as well. It could be case that once these gamma rays starts emitting energy, it can be detected.
As per the reports when more than allowed currency is accumulated at a place, the radioactive indicator in the currency indicates it. Thus, I-T department gets to know when huge amount of new currency is deposited at a place other than the bank. People are keeping the new currency with the unaccounted old cash deposits they possess and gold, jewellery. Thus, the radiation emitted by this, leads the IT team to detect the location of accumulated notes.
However, there has been no official clarification on the radioactive ink theory from the Ministry of Finance (MoF) or Reserve Bank of India. So these could only be mere speculations of the many minds who spread the rumours about GPS theory. This news could be hoax, reason being, gamma rays can have very harmful effects on human body.
Ever since, Prime Minister Modi has announced news for demonetizing currency notes of Rs. 500 and Rs. 1000, people started returning old notes to the bank. But they have again started hoarding of Rs 2000 notes. If this news is anyhow.. remotely true... then People who are hoarding money again.. are not at all safe.
Recent Income tax raids :
1. A lawyer in Delhi was caught today (12th Dec, morning) by the Income Tax department. They have found cash, bundles of Rs. 500 and Rs. 1000 notes along with 2000 notes also. The total amount found was Rs. 13.8 crore.
2. The income tax officers has recovered money worth crores in cash, including new currency, and tens of kg in gold bars, in multiple raids in Chennai to check tax evasion and conversion of black money into white.
3. Income tax raid at an Axis Bank branch in Chandni Chowk Delhi yielded Rs100 crore parked in 44 fake accounts. This is the second raid that the bank has seen in less than a week. Enforcement Directorate (ED) had earlier this week arrested two Axis Bank managers and seized gold bars weighing 3kg from them.
4. Income tax officials seized Rs. 24 crore in new 2,000-rupee notes from a car in Vellore.
5. After a 30 November raid on two state government engineers lead to the seizing of Rs4.7 crore in new Rs 2,000 currency notes, apart from 7 kg of gold and bullion and Rs90 lakh in old demonetized currency in Bengaluru.
6. Rs 20 lakh (Rs10 lakh new notes) from Pune has been seized.
More than 150 crore has been seized till now through raids in various parts of India. Still couting...
Note: It is just an assumption on radioactive ink.
with inputs from: indiasamvad
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