Sources reveal that hawala transactions are still operational and that organised syndicates have simply adopted a new modus operandi.
t was also observed that in 92 treasuries, over 99 percent of the money drawn as advance was not settled.
Hyderabad: Though the authorities anticipated that demonetisation would put an end to hawala operations, the smuggling of gold and money laundering, this does not seem to have been the case.
Sources reveal that hawala transactions are still operational and that organised syndicates have simply adopted a new modus operandi. In fact, within a few weeks of demonetisation, the pol-ice caught several gangs in possession of new currency notes which were being exchanged for old ones for a commission.
Revenue Intelligence wing have seized large amounts of foreign currency.
( Source : Deccan Chronicle. )
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