Income Tax Department conducting investigations regarding frozen Demat Accounts

Income Tax Department is conducting investigations regarding frozen Demat Accounts which had balances of value in excess of approximately Rs. 10 lakhs as on December 2008. These accounts are 6385 in number with total approximate value of shares of Rs. 6,709.21 crores as in December 2008 and an approximate value of Rs. 16,230 crores when the Demat Accounts were frozen. The details have been forwarded to the respective investigation Directorates for taking necessary action in accordance with the provisions of Income Tax Act, 1961.

This information was given by Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question raised in Lok Sabha on 07.08.2009.