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Govt. failed to recover black money worth Rs 6,000 crore which was sent to Hong Kong last year

New Delhi: Recently, Govt. of India demonetized Rs. 500 and Rs. 1000 notes which although done to fight black money, created lot of difficulties to the poor farmers, small traders etc., who carry out their daily transactions in hard currency.

Although few steps are being taken to fight against corruption but still more steps are needed to be taken as companies are finding loopholes and sending their black money to tax heavens. In one such case, black money worth Rs. 6, 172 crore was sent to Hong Kong last year by 59 account holders.

After this scam, CBI registered a case against 59 account holders and unknown bank officials and private people. It also conducted raids at a Delhi branch of Bank of Baroda dealing with forex in connection with cash deposits of Rs.6,172 crore which were later “sent to Hong Kong”. The case, filed under various sections related to criminal conspiracy, cheating and corruption, was filed as the probe agency raided the Ashok Vihar branch of the bank. Two bank officials — assistant general manager S.K. Garg and officer foreign exchange-Delhi Jainish Dubey — have been named in the case.
The Central Bureau of Investigation said in a statement, “It was alleged that 59 current account holders and unknown bank officials conspired to send overseas remittances, mostly to Hong Kong, of foreign exchange worth approximately Rs.6,000 crore in illegal and irregular manner in violation of established banking norms under the garb of payments towards suspected non-existent imports”.

Despite these steps, Govt. failed to recover black money.