Black money: NRIs under I-T lens after taxmen seize Rs 500 cr in old notes

I-T dept suspects seized old notes are being hoarded by money operators and exchanged by NRIs

Non-resident Indians (NRIs), exchanging old Rs 500 and Rs 1,000 notes, have now come under the income-tax (I-T) department’s scanner as the authorities suspect them of exchanging notes for citizens here.

According to sources, the Central Economic Intelligence Bureau (CEIB), a nodal agency for economic intelligence, shared data of old currency seizures with the I-T department of over Rs 500 crore, made in Maharashtra, Tamil Nadu, West Bengal and Gujarat. These seizures were made after March 31, which was the deadline for NRIs to exchange old notes with the Reserve Bank of India (RBI), while for resident Indians it was