Wednesday, June 23, 2021
HomeTop NewsBanks and ATMs are dried up: How black money is resurfacing?

Banks and ATMs are dried up: How black money is resurfacing?

New currency notes amounting to lakhs of rupees seized at several places in the country.

The Modi government had gone ahead with the demonetisation campaign with an objective to curb black money.However one month after the note ban, unaccounted money continues to flow in the economy as two persons were detained by the Mumbai Crime branch and seized new notes worth Rs 85 lakhs at Dadar. At a time when a cap has been imposed on withdrawal of money from ATMs and bank accounts how could a person be in possession of lumpsum amount? On one hand the common man is standing in queue outside banks and ATMs to withdraw his hard earned money on the other hand huge amount of new currencies have been seized across the country.

Thus the government’s demonetisation drive has failed to eliminate black money as it has already started regenerating. Even economists had questioned the government’s note ban initiative and cautioned that black money can’t be eliminated only through demonetisation. They also wanted stringent laws to be passed for nabbing tax-evaders and clamp down the distribution of money during election.

Seven persons have been arrested by the police. The accused were trying to convert black money into legal tender. The crime branch had received a tip-off about seven persons arriving at Dr Babasaheb Ambedkar road near Hindu colony in Dadar with lumpsum money.

Subsequently a trap was laid to nab the accused. The vehicle used by the accused too has been seized by the crime branch. An inquiry has already being initiated into the source of new notes.

Meanwhile, four persons were arrested in Surat for carrying new notes worth Rs. 76 lakh in Surat.

After the invalidation of Rs. 500 and Rs. 1000 notes the income tax department has been conducting raids at several places across the country to nab black money hoarders.

On Thursday, a television actor and two others were found in possession of cash worth Rs. 43 lakhs in new currency. “The actor, Rahul Chalani, who features in a popular crime show on the small screen, and two others were on their way to Hoshangabad from Itarsi in an SUV when they were caught with Rs. 43 lakh in cash,” Kotwali Police Station Inspector Mahendra Chouhan said.

“The other two accompanying Rahul were identified as Kapil Chalani and Brijesh Choura, who was driving the vehicle. The money consisted of the new currency notes of Rs. 2,000, Rs. 500 and Rs. 100 bills,” he said. On Wednesday the Income Tax department recovered Rs. 90-100 crore in cash in Chennai. The seized money included Rs. 10 crore in new Rs. 2000 currency notes, and 100 kg gold from several businessmen. The total worth of the gold is estimated to be at Rs. 28 crore.

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