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Home Business

Taxmen vault into lockers; safekeeping enterprise hit

Jana Simmons by Jana Simmons
March 8, 2023
in Business
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Taxmen vault into lockers; safekeeping enterprise hit

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.

Taxmen vault into lockers; safekeeping enterprise hit 1

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.

Jana Simmons

Jana Simmons

Web expert. Reader. Travel advocate. Total problem solver. Bacon scholar. Introvert. Food ninja. Writer. Internet trailblazer. Spent 2001-2007 consulting about action figures for fun and profit. Earned praised for my work training karma in Naples, FL. A real dynamo when it comes to managing carp in Fort Lauderdale, FL. Set new standards for supervising the production of basketballs in Miami, FL. Spent the 80's working with human hair in Deltona, FL. Earned praise for importing cabbage with no outside help.

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