Saturday, 27 May 2017

Taxman suspects NRIs of exchanging old notes for local citizens

Sources were quoted as saying that Central Economic Intelligence Bureau (CEIB) informed the I-T department that old currency notes worth more than Rs 500 crore have been confiscated from Maharashtra, Tamil Nadu, West Bengal and Gujarat since March 31.
NRIs were initially allowed to exchange old notes with the Reserve Bank of India till March 31, three months later than the deadline for Indian residents.

Read the full report here

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