I-T, ED depts keep an eye on foreign money changers

Several NRIs are contacting their relatives and acquaintances in India to exchange their amount, which they usually keep in India for certain purchasing during their visits to India.

Written by Anju Agnihotri Chaba | Jalandhar | Updated: November 13, 2016 4:32 am
fake Indian currency notes, FICN, FICN cases, Demonetisation, currency demonetisation, anti-corruption, NIA, National Investigation Agency, fake currencies cases, fake currency, terrorism, corruption, narendra modi government, india news,indian express Sources said many people converting rupees into dollars for their foreign trips have also purchased costly dollars and pound in panic.

The Enforcement Directorate (ED) and Income Tax (IT) have been keeping a close watch on the activities of money changers after reports that several of them have been converting black money into dollars showing backdated entries.

The information from the market reveals that a dollar selling at around Rs 67 was sold by these money changers for Rs 100. Similarly a pound was being sold for Rs 110-120 against its current value of Rs 84.

Sources said many people converting rupees into dollars for their foreign trips have also purchased costly dollars and pound in panic.

Jalandhar-based money changer Amit Kumar told The Indian Express he was also approached by several people to take their old Rs 500 and Rs 1000 notes for dollars at a higher value, but he refused. He, however, said many money changers were doing it.

IT sources said they were keeping a watch on such money changers.

In fact, ED sleuths even raided a money changer Friday evening in Saidan gate area of Jalandhar. It was learnt that old notes worth several crores were confiscated along with entire record. “We have come to know that several NRIs settled abroad also sent money through hawala for their near and dears to evade tax. This huge amount was being also converted by money changers into dollars,” said ED sources.

NRIs start calling up kin back home

Several NRIs are contacting their relatives and acquaintances in India to exchange their amount, which they usually keep in India for certain purchasing during their visits to India.

“My sister lives in Canada. Her Rs 3 lakh were lying with me which she would use on her visits. Now, I am confused how to show this amount as it is not black money but her hard earned money,” said a city resident.

Talking to The Indian Express from the UK, Parkash Singh said he welcomed this decision but was worried since he kept Indian currency with him being a frequent visitor to India.

Several NRIs from Canada also said some designated banks used to accept Indian currency in Canada, but now they refused the same. “What is our fault? We need Indian currency when we go there, but now banks here too are not accepting it,” said Ramanjit Kaur from Canada.