Rs 2000 notes trade underway along Nepal border; exchange rate is Rs 1200-1600: Report

An illegal trade of selling Rs 2000 notes is underway in areas bordering Nepal, said a report. The Income Tax Department has come across reports that Rs 1200-1600 are being offered in return for Rs 2000 notes. The illegal trade came to light after the Income Tax Department's Lucknow investigation wing raided several such areas in the border areas. The department is probing the matter.

The Income Tax department told Amar Ujala that the trade is underway from both sides of the border. When the department sent teams to districts likeRaxaul, Rupaidiha, and Barhni earlier this year, they found out that the trade is being carried out with the help of unemployed youths. These people work based on commission. The income tax department is attempting to find out where these currency notes are being sent.

According to the rules, Rs 2000 notes can now be deposited only in the RBI office and post offices. An individual can only exchange up to Rs 30000. The post offices on the Nepal border are under investigation by the Income Tax Department.

The department is probing who are the people that exchanged Rs 2000 notes over the past few years. The Income Tax Department is collecting this data. There is a possibility of fake identity cards being used by the people who exchanged these notes.

The Income Tax Department sent some private individuals with Rs 2000 notes to Nepal for an in-depth investigation. They found that the notes were being exchanged without any problems. The Income Tax Department carried out this operation in a very confidential manner and did not take the help of the police.

They are also trying to ascertain if the proceeds of crime are being used for other illegal activities.