Agra IT Raid
– Photo: Amar Ujala
Expansion
Income Tax officials are surprised to see bundles of notes worth Rs 53 crore found at the house of Ramnath Dang of Harmilap Traders. Ramnath Dang has given the answer to how and why so much cash was deposited after GST and demonetization. He told the Income Tax Officer that in the parchi system, Saturday is the payment day. Cash was collected for the same, but
Income Tax Department raided.
It was told that the slip system runs among the shoe traders of Asafoetida market. The slip system is the most reliable and oldest among shoe traders. This is a type of parallel check that businessmen give against the receipt of goods. The payment period is written in it. The slip taker finds buyers for these slips through brokers.
Buyers for these slips are found through brokers. The discount is decided according to the creditworthiness of the issuer of the slip and the requirement of the seller of the slip. The slip which was to be paid after 120 days is received immediately. Most shoe manufacturers and raw material traders used to come every Saturday to encash these slips. Shoe factories also pay their employees on Saturdays only.
Payment was stopped due to elections
Due to voting in Lok Sabha elections in Agra on 7th May, vehicles were being checked. Payments were being postponed on Saturday due to fear of investigation of those carrying cash. When the voting ended, the cash started being taken away. This Saturday, people with slips pending for more than a month were scheduled to come to collect their payments. Slips of more than 4 thousand traders have been found with Ramnath Dang.