I-T unearths Rs 1.29 lakh cr foreign remittances
The income tax department uncovered Rs 1.29 lakh crore in foreign remittances linked to 6,422 entities, prompting action against 394 firms. Major destinations include Singapore, the UAE, Hong Kong, Mauritius, and China, which account for 72.3% of the total. The investigation is ongoing, with implications for currency stability and scrutiny of foreign entities involved.