Demonetisation: IT promises more raids on black money hoarders

Updated: Nov 12, 2016, 10:43 IST | A Correspondent |

Even as people throng banks to deposit the now defunct Rs 500 and Rs 1,000 notes, the Income Tax officials will continue their crackdown on hawala operators, black money hoarders, jewellers who are converting black money into gold by accepting old currency on much higher prices, across Mumbai and Maharashtra

At many places, the defunct notes are being used to buy gold. Representation pic
At many places, the defunct notes are being used to buy gold. Representation pic

Even as people throng banks to deposit the now defunct Rs 500 and Rs 1,000 notes, the Income Tax officials will continue their crackdown on hawala operators, black money hoarders, jewellers who are converting black money into gold by accepting old currency on much higher prices, across Mumbai and Maharashtra.

Chancing on loopholes
Sources told mid-day that in the panic created post the Prime Minister’s demonetisations announcement, hawala operators and jewellers are trying to chance on the opportunity by finding minute loopholes in the system to convert their black money into white. At many places, the old currency notes were being exchanged at a discount and even being used to purchase gold. The raids and surveys are intended to stop such malpractices, another source said.

IT departments across Mumbai, Delhi Punjab and other major cities are coming down heavily on players indulging in such malpractice. IT sleuths are checking details on any information received pertaining to gold bazaars, angadiyas and business districts in these cities. Their raids are completely based on the actionable information received by them.

More tip-offs
After Thursday’s raids, the IT department received dozens of phone calls yesterday tipping off the department about suspicious movements of huge cash from various place across the Mumbai. The crackdown is on those who have stashed black money in huge amounts. IT already has with them the list of people suspected to have stashes of black money. “The close monitoring and crackdown in them will be continued in coming days,” a senior IT Official said.

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