๐ต๏ธ IT uncovers massive Rs 1.29 lakh crore overseas money trail
The Income Tax Department has uncovered a large overseas remittance network involving 6,422 new entities. This network collectively transferred Rs 1.29 lakh crore abroad, leading to action against 394 firms. Destinations like Singapore, UAE, Hong Kong, Mauritius, and China received 72.3% of the total funds. This probe is happening as the rupee faces significant pressure, prompting RBI dollar sales. Investigators are now examining the fund origins and transaction purposes as the probe continues.