ED tracking 67 forex dealers exchanging scrapped notes

The I-T dept has asked banks to report all cash deposits exceeding Rs 2.5 lakh, during the 50-day window provided to tender the now-defunct notes

The Enforcement Directorate (ED) is keeping an eye on 67 forex dealers exchanging old Rs 500 and Rs 1,000 notes across the country for any possible forex norm violations and money laundering. 

Parallelly, the Income Tax Department conducted surveys across the country to check hawala money exchange, while the Directorate General of Central Excise Intelligence (DGCEI) visited big jewellers to examine stock and sales details.

Amid rumours that the I-T department is conducting surveys in the steel sector, the sources clarified that so far only jewellery, money exchangers and charitable trusts are on the government radar.
 

DGCEI has sought information on sales and stocks of big jewellers between November 7-11.

The I-T department has asked banks to report all cash deposits exceeding Rs 2.5 lakh during the 50-day window provided to tender the now-defunct notes.

Previously, banks were required to report cash deposits that exceeded Rs 10 lakh in one full year. But in view of apprehensions that a large number of illegal or black money may be sought to be converted into white, the revenue department has issued fresh set of instructions, a top official said.