Multi-agency panel formed to track black money

It is learnt to have been formed on the directives of the Prime Minister’s Office and the first of its daily meetings to review the situation was held on Thursday.

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The panel’s formation is part of the government’s efforts to crack down on black money hoarders, who are yet to deposit their cash or have found ways to dispose of it.

The I-T Department is believed to have leads about a network of hawala traders, who have converted the Indian currency into dollars, and others using cash to buy property and gold. The I-T Department and the Delhi Police recovered cash in raids at separate places in Delhi on Thursday while a series of raids are imminent across the country.

Sources said that the government believes that queues outside ATMs and stories of distress from across the country were sending a wrong message to the people.

Officials said that a narrative was being spread that the common people were facing hardship unlike the influential people.

Officials said that the government wants to send the message that it is serious about checking hoarding by conducting raids. Information is being gathered about places where cash is likely to be stashed.

Even for an amount of just a crore, sleuths are willing to conduct raids.

The I-T Department has separately found that the demonetisation has actually helped builders as they have been to able to hold quick distress sales at several places.