Explain the significance of the seizure of ₹351 crore of unaccounted cash by the IT department.

The seizure of ₹351 crore of unaccounted cash by the IT department holds significant implications: 1. Tackling black money: Seizing such a substantial amount of unaccounted cash serves as a strong deterrent against the generation of black money and tax evasion. 2. Combatting corruption: The seizure is a clear indication of the government's commitment to combating corruption and money laundering. 3. Strengthening the economy: By curbing the circulation of unaccounted cash, the government aims to increase transparency, formalize the economy, and promote financial integrity. 4. Enhancing tax revenue: The recovery of unaccounted cash directly contributes to the tax base, aiding in resource mobilization for developmental activities and welfare schemes. 5. Restoring public trust: The seizure showcases the IT department's effectiveness in detecting and addressing financial irregularities, fostering public confidence in the government's commitment to maintaining a fair and just system. 6. Enforcement of law: The operation demonstrates the enforcement agencies' determination to crack down on illegal activities and enforce the rule of law, ensuring a level playing field for all citizens. Overall, this seizure signifies the government's ongoing efforts to curb black money, improve fiscal discipline, and create a more accountable and transparent financial system.