Overseas remittances in focus: I-T uncovers Rs 1.29 lakh crore trail - money sent to China, UAE & more

Overseas remittances in focus: I-T uncovers Rs 1.29 lakh crore trail - money sent to China, UAE & more

The probe comes as the rupee remains under significant pressure. The Reserve Bank of India has been regularly selling dollars in the foreign exchange market to contain volatility and prevent sharp, disorderly movements in the currency.

Income Tax Department Traces Rs. 1.29 Lakh Crore Overseas Remittance Trail

India’s Income Tax Department has traced Rs. 1.29 lakh crore in overseas remittances involving 6,422 entities. The probe surfaced on August 20, 2026, as officials examined large cross-border transfers from India amid rupee pressure. Authorities acted against 394 firms and expanded scrutiny to companies and individuals linked with the transactions. Investigators are checking fund sources, transaction purposes, and overseas beneficiaries across se…