I-T dept sends notices to firms to enquire about their foreign assets

The Income Tax department's intelligence unit has sent notices to at least eight firms in Mumbai and has also asked for information on their directors

The Income Tax (I-T) Department's Foreign Asset Investigation Unit (FAIU) has reportedly sent notices to local companies, including some listed entities enquiring about the hidden assets overseas. The bid to hunt for black money by FAIU was earlier limited only to individuals but has now expanded to companies, a report by the Economic Times (ET) said.