Centre to report purchases of more 6 lakhs to Intelligence Bureau

Centre to report purchases of more 6 lakhs to Intelligence Bureau

New Delhi, Jan 18: The Central Government is preparing to start a new procedure of submitting a report to the Intelligence Bureau when a purchase is made above the value of 6Lakhs. This would be enacted while gold jewellery or other luxury products are bought over Rs 6 lakh.

After withdrawing 500,000 and 1,000 notes, all deposits above Rs. 50,000 are being monitored. There is also a requirement that pan card must be submitted during the transaction of Rs 50,000.

Investigations conducted by the Financial Services Department have found that transaction of black money is still going on using the loopholes in the law. This is the way the Central Government is trying to find a way to catch them.

The Central Government believes that this measure could find the transactions of black money.

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