ED raids offices of 34 chartered accountants in New Delhi

Image result for CAThe Enforcement Directorate (ED) is carrying out a first-of-its-kind raids in New Delhi on the offices of professionals like chartered accountants and company secretaries for allegedly providing a legitimate cover to shell companies.

Image result for cs logoThe CAs and CSs are accused of helping shell companies convert black money in to white. They allegedly help shell companies by providing a legal framework for the paper companies. The raids follow notices that were earlier issued.

On Wedesnday, the ED was raiding the offices of 34 CAs in the Jain brothers case who were arrested last month in action against shell by the ED.

According to a report by PTI, the agency had arrested Surendra Kumar Jain and Virendra Jain and were later sent to 10 days custody after being produced in front of a court.

The ED, at the time said in a statement that “the modus operandi of Jain brothers was to launder the unaccounted money through the process of palcement of funds, layering of transactions and teh final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.

“Funds were brought in by the mediators on behalf of the beneficiaries through the mediators. Jain Brothers were providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company. In this process Jain Brothers earned money as a certain percentage of the unaccounted money converted into share premium,” it added.

The ED also said, “during probe of some other firms ‘controlled’ by these brothers, it has emerged that during a “short period of three months between the opening and closing of the accounts of these companies, there was credit and debit summations to the tune of Rs 8,000 crore.”

Request form for currency exchange (Rs 500 & Rs 1000)

Image result for Currency ExchangeThere are chances that you may not get printed forms which are necessary to exchange your notes or you can save time to fill them by standing in bank / queue by printing & filling the currency exchange form pdf file.

So simple suggestion is to take printout of above PDF, fill in advance at home and then approach bank.

  • Option 1 : Exchange old notes
    At a time you can exchange 4000 Rs only, i.e. four 1000 Rs notes or 8 500 Rs notes or combination of them to maximum 4000 Rs, per day.
  • Option 2 : Deposit old notes to your bank account
    No limit for value or quantity of old bank notes to be credited to the bank account maintained by that person (KYC norms must be complete for the bank account).

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