In its efforts to combat the hoarding of dollars, the government has decided to intensify its crackdown on individuals who amass large amounts of the currency.
Sources revealed that the government intends to collect thorough data on individuals involved in purchasing substantial quantities of dollars, and will subsequently investigate them for potential wrongdoing.
The severity of punishment for those found guilty of concealing dollars will also be escalated.
As part of the drive, the government will enlist the support of the Financial Monitoring Unit (FMU), a specialised agency focused on tracking financial transactions for illicit activities.
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Moreover, data collection efforts will be bolstered through collaboration with the FMU and exchange companies.
The government’s primary targets will include high-ranking government officials, politicians, and businessmen believed to be involved in dollar-hoarding activities, sources added.
The government also plans to initiate targeted operations against individuals suspected of stockpiling large sums of dollars. Raids will be conducted on the residences and private properties of individuals suspected of hoarding the currency.
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The decision aiming to curb the illegal accumulation of dollars comes as the government tightens its noose around hoarders of the currency that hinder the stability of the national currency and the overall economy.
It is pertinent to note that due to the ongoing crackdown on smugglers and hoarders, the rupee has shown a remarkable recovery in the past 12 consecutive working days, surging nearly 5% to reach a five-week high at Rs292.78 against the US dollar in the interbank market.