Bengaluru: Besides the Income Tax, the Enforcement Directorate (ED), Bengaluru has found huge irregularities in the records of some Full Fledged Money Changers (FFMCs) in the City.
“The ED officers have conducted raids at five places in Bengaluru against some FFMCs and found gross irregularities, which suggest the use of unaccounted money for purchase of foreign exchange. The FFMCs should maintain their invoice, bills, receipts and sale of records and for every purchase they are required to have the details of the customers, including their passport details. At some places the ED officers found inadequacies in their records. Some do not have customer details. At other places they found they have sold substantial amount of foreign exchange in old and new currency for which again there are no vouchers/records. The ED has registered two cases against two FFMCs in Bengaluru under the Foreign Exchange Management Act (Fema), 1999. The raids will continue,” said an officer on condition of anonymity.