Now Reading: I-T probes ₹1.29 lakh crore overseas remittance trail
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I-T probes ₹1.29 lakh crore overseas remittance trail
The Income Tax Department has uncovered overseas remittances totalling ₹1.29 lakh crore by 6,422 entities, with action taken against 394 firms, the Times of India reports. Singapore, the UAE, Hong Kong, Mauritius and China received 72.3% of the funds, with Singapore alone getting ₹41,885 crore. The probe comes as the rupee faces pressure and the RBI has been selling dollars to check volatility.
Separately, the department searched 13 locations in Telangana and Andhra Pradesh linked to outward remittances of nearly ₹1,000 crore. A Visakhapatnam firm, Stockpile Softech Solutions Private Limited, faces scrutiny over about ₹900 crore in transfers. Directors Deepak Nambaru and Madhava Ram Ponapalli are among those examined. In Guntur, investigators found 15 certificates linked to ₹130 crore in suspicious transactions. The nationwide exercise, launched on August 18, covers 394 entities and 36 professionals who certified Form 15CB for remittances.
In the first half of FY26, ₹43,048 crore was remitted overseas, already 78% of the total for all of FY25. Investigators are examining whether services cited for the payments were genuine and whether recipient entities had real business operations. Additional searches are expected.
Indian Opinion Analysis
Source-1 reports only a ₹1,000 crore probe linked to one company, Stockpile Softech, with named directors and locations. Source-2 reports a ₹1.29 lakh crore nationwide network involving 6,422 entities, naming China and the UAE as destinations. Source-1 omits the much larger figure entirely, while Source-2 never mentions the Hyderabad-AP operation. Source-1 leads with enforcement action, Source-2 leads with macro-economic pressure on the rupee. The difference is scale: one is a local case story, the other is a policy-threat story. A careful reader should note that both figures may be true: the ₹1,000 crore probe may be a subset of the ₹1.29 lakh crore network. Watch for whether the department later confirms a single investigation or separate tracks.
Coverage: 2 sources, 2 neutral
Sources (2): timesofindia.indiatimes.com (neutral report), timesofindia.indiatimes.com (2) (neutral report)
This story was synthesised by AI from the 2 sources linked above. Methodology and corrections.
Updated: this story now draws on 2 sources.
