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Star hotels and resorts turn into money-exchange centres

Star hotels and resorts turn into money-exchange centres

Hyderabad: An illegal business in exchanging the banned high-denomination notes with Rs 100 and Rs 50 is thriving in big hotels of twin cities and resorts located at the outskirts of the city. Income Tax Department and police are keeping close tab on people arriving from other states and staying in those hotels and their visitors because according the reports received by them, people busy in exchanging wealth accumulated by politicians are staying in those hotels and meeting bank officials and playing key role in transfer of huge amount. It is said that according to the information received by secret agencies, clandestine money-exchange operators are focusing on top hotels of the city and resort and recreation centres located at city outskirts.

One of the reasons for delay in transfer of currency to the states by central government is said to be, to make sure that the new currency sold in exchange for old currency should not reach the black money hoarders again. Old currency notes of the politicians from Maharashtra, Andhra Pradesh, Tamil Nadu, Karnataka are reaching Hyderabad and its outskirts and clandestine operators for exchange are contacting with those arriving with huge amounts. Huge amounts are likely to be seized during the action to be taken by Income Tax Department and secret agencies of police. According to sources Income Tax Department is waiting for reliable information so that the persons involved in such activities are caught red-handed.

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