Money Hoarded: Government and Practice Hundreds

money hoarded: There's been an overnight change in the system, said real estate lawyer Naresh Gupta, describing the new rules as very draconian, according to The Japan Times. Investigators can question anyone and ask any government department for information about suspects. But as the government broadens its crackdown on corruption, a new law promises to end the widespread practice and hundreds of suspicious bank accounts are under investigation. The law banning benami transactions, making it illegal for assets to be hidden in another's name, came into effect in November as part a twin strike by the government to flush out undeclared black money hoarded by tax evaders. Previously, around 90 percent of everyday transactions in India were in cash. It followed a shock decision by Prime Minister Narendra Modi to withdraw high-value bank notes from circulation, compelling millions to join the formal banking sector for the first time. (news.financializer.com). As reported in the news.