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Mumbai, December 29 : The Income Tax Department (ITD) today conducted a series of raids in Delhi and Mumbai, in a bid to curb operations in the country. Over a dozen teams of Income Tax officials have been deployed in multiple locations across Delhi, and searches are on since morning. 12 entities have been raided in Mumbai since morning. Several of India’s biggest commodity houses like Glencore, ETG and Edelweiss were raided in what is being regarded as an unnecessary action by the IT department in certain quarters.
Income Tax department sources had even confirmed to India Today that the raids in Mumbai are much bigger than the raids conducted in the capital New Delhi. Moong and chana dal were targeted next by satta operators.(ALSO READ:CBI raids in Maharashtra, Odisha over chit fund scam).
Traders initially take part in identifying how each of the crops are faring and the ones that is likely to fare poorly in that particular year. Large importers in many of these countries then purchase the food crop from all major suppliers in India. Many operators are also expected to buy out crops collected by importers at a premium cost,to take the supplies out of the Indian market.
The demands are massive, but the supply doesnt equate up to that limit. Mill owners as a result are forced to purchase dal from importers at a hugely inflated prices.Shortage of food production also creates a scarcity in the domestic market of India.
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