A string of income-tax department raids on private lockers and protection vaults across Delhi and Kolkata has despatched the ‘commercial enterprise of safekeeping’ into a tizzy. While pinnacle vault companies have intensified the recognize-your-customer manner, several smaller ones have downed shutters completely.
The recent I-T raids have taken away something little enterprise we had,” stated the proprietor of a Mumbai-based vault company that plans to land up over the next six months. “Private locker commercial enterprise collapsed straight away after demonetization… There’re not many businessmen keeping cash anymore. I-T raids have handiest introduced to our listing of troubles,” he introduced.
Earlier this yr, the I-T branch raided a vault area (with over six hundred lockers) in Vardaan Market, Kolkata, and seized cash and jewelry well worth over crores of rupees. The raid at vaults in Delhi’s Chandni Chowk region happened six months ago, wherein unaccounted coins worth Rs 25 crore were recovered. Both the burials lacked proper KYC documentation, making it challenging for tax inspectors to become aware of the lessees.