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Black Money Trail Becomes an Important Task For I-T Squads During Elections

February 22, 2014 by AmbitionIAS Leave a Comment

I-T special squads on black money trail

  • Considering the upcoming general election, the Income Tax Department has decided to form special squads in each of the districts to check potential use of unaccounted money, which is used by the politicians to woo voters.
  • Soon they will have a toll-free number on which public can call to provide information about election malpractice such as largesse, cash transactions or gifts.
  • They will perform quick and non-intrusive inspections at bus stands, railway stations and airports to check the passenger luggage, so that the travelers do not face any inconvenience.
  • Besides this, they will also check the courier vehicles, railway parcel vans, etc., in order to spot any movement of gold, jewels, cash and high-value contraband.
  • Furthermore, they will track all the doubtful bank transactions, collect the necessary information about hawala networks, and foreign currency hoarders. Not only the politicians and top personalities, but some of the IT defaulters will also come under scrutiny.They will investigate the sources of funds that are being used by the politicians for their digital campaigning, involving telephone calls, text messaging, and creating websites, internet, the social media and other digital advertising media.

Exams Perspective:

  1. White paper on Black Money
  2. Money Laundering

 

Filed Under: Current Affairs, National Tagged With: Money Laundering, White paper on Black Money

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