Acting on intelligence, the Directorate of Revenue Intelligence (DRI) is keeping a close vigil on all incoming and outgoing foreign currency. The move is linked to the demonetisation of the Rs.500 and Rs.1,000 currency notes by the Centre on November 8, said sources.
A DRI source revealed that individuals who hoard unaccounted cash might try to smuggle it out through the foreign currency route in the coming days. “That is our hunch right now, as the demonetisation might see more foreign currency coming in or going out. While foreign currency is not a problem as such, but there is a possibility that unaccounted cash can be changed through it for a premium,” added the source.
The DRI source pointed out that people who hoard unaccounted cash cannot deposit huge sums in banks, as it will immediately rouse the Income Tax Department’s suspicion. The DRI officials are currently monitoring all ports, airports, seaports and and cargo container depots to keep a tab on incoming and outgoing foreign currency, said the source. A DRI official also said that demonetisation of the Rs. 500 and Rs. 1,000 currency notes has also dealt a huge blow to the fake currency cartels. “People with fake currency notes have no option but to destroy them. The only other option is to go to a bank for deposit, where it can easily be found out that the notes are fake,” he added.
The official also informed that the circulation of fake currency had become a serious problem, as some of them were of ‘high-quality’, meaning that they could match about 8 to 9 of the security features out of 12 in comparison with genuine notes. “With fake notes gone, we are keeping a check on foreign currency. We will see how things transpire in the coming days,” he added.
