It has become a totally restless situation for all black money holders in the country. Since the demonetisation drive, huge amount of cash has come out from the hidden godowns. Three raids by Income Tax officials in Vellore have seized Rs. 24 crore in Rs. 2000 denomination notes from three men – J. Shekhar Reddy, Srinivasalu and Prem Kumar. This is the highest number in cash recovery that has been retrieved so far in the form of new currency.
Meanwhile, Income Tax officials unearthed Rs 106 crore in old and new currencies and 127kg of gold bars from the premises of three Chennai-based businessmen. The seized money included Rs 96 crore in old notes and Rs 10 crore mostly in the newly introduced Rs 2,000 notes. Many crores of rupees in new Rs. 2000 notes were found in Bengaluru too.
These facts give a chilling effect to the common man. How these business persons have accumulated this much huge amount of new currency is matter of great concern. The important aspect is to note is, the access to new notes is possible only through bank officials. There is a need to break the nexus between branch managers and people with black money.
The Enforcement Directorate (ED) has been carrying out massive raids on banks in an attempt to keep a tab on those account holders, who deposited huge amounts at one time. As per the reports, they have already raided 50 branches of 10 banks across the nation. ED has also received strong proofs on several account holders who have deposited money and changed their black money in to white through banks.
The tax officials have been working hard to nab the culprits. Some tax officials have also asked for more human resource to carry out more raids across the country. The efforts of tax officials and officials of ED should be lauded. They must be given all the necessary support from government and keep their enthusiasm and morale high.
There is a need to keep a stricter check on cash distribution. The common man is suffering even now in front of ATMs and banks. The major factor for this problem is these nexuses. With more and more promotion towards less cash economy, the situation should improve. But punishing these culprits with a hard hand is very much necessary to increase the trust of the general public.