KOZHIKODE: Amidst the chaos in the banking sector, the taxmen are ferreting around for black money and the ultra-affluent running for cover. Some of them buy high-end gadgets while government officials with bribe money explore various channels to make them "white". Income tax sleuths reveal that they have already alerted their information network to give tips on suspected attempts to transport, distribute or re-route uncounted money. An official who preferred anonymity told DC that some of the aided schools in Kozhikode and Wayanad districts had returned the money they collected for posting teachers as they could not convert the cash.
“On a tip-off, we rushed to an institution but by the time we reached the spot the manager had returned Rs 73 lakh. We were able to seize only Rs 28 lakh, for which he had no source to reveal," he said. “There are reports of similar incidents from various parts of the state.” Meanwhile, the mobile phone industry is having a field day after the demonetization of higher denomination banknotes. iPhones and other high-end phones, especially Samsung, are much in demand.
Ali Muhammed, a salesman at a prominent mobile outlet here, said, since they accepted old currencies from customers who are largely looking out for handsets of above Rs 50,000. “On Thursday alone, 15 high-end phones priced between Rs 50,000 and Rs 60,000 were sold out,” he added. The trend has also put the industry under the IT scanner. “We are also tracking sales of luxury products,” said an IT sleuth. "During our inspection, we came to know that six iPhones were sold in the initial four hours of Thursday."
Some of the government offices that directly deal with huge sums of money like regional transport offices, registration offices and excise department also are under the IT scanner. There were allegations against the RTO offices that they deposit the old currency stacked as bribe in banks and insist on new banknotes from vehicle owners for registration of vehicles, renewal of registration and various other formalities.
