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Taking hospital route to convert black money to white

Hyderabad: Post-demonetisation exchanging Rs. 500 and Rs. 1000 at hospitals has become common. Income tax officials took stock of payment of bills over 2 lakh in various hospitals. Despite cancellation of OHD notes hospitals were also allowed to accept banned currency. Telangana has a total of 242 private hospitals including Nursing Homes, Super Speciality Hospitals etc.

According to reliable sources post-demonetisation Central and State Intelligence and Income Tax officers are keeping a tab on transactions that are being done to convert unaccounted money. The needle of suspicion points towards corporate hospitals. Corporate hospitals that collect money in lakhs from patients are understood to have connived with some businessmen to exchange their unaccounted money and fudge the hospital’s official accounts. For this, the managements are said to be accepting around 30 pc to 40 pc commissions. According to a report published in a newspaper the managements have fixed deals with businessmen and are exchanging unaccounted amount as legal by depositing it in banks towards the amount collected from patients for providing treatment and surgeries.

Officials of Income tax department reached several Nursing Homes and Corporate Hospitals in the city and state and sought details of the bills above 2 lakh paid in cash. Complaints have been received that business magnates are taking the easier route by visiting a few corporate hospitals to convert their black money to white. Income Tax officials have sought list of patients and bills paid during the past 15 days. It was revealed that 40 to 45 percent bills in corporate hospitals and super speciality hospital were paid in the form of cash.