India: Jets Loaded With Banned Cash Draw India’s Ire in Graft Crackdown
Author(s): Anurag Kotoky | Date: November 30, 2016 | Language: English
Source: https://www.bloomberg.com/ | URL: https://goo.gl/bhZphT | Type: Text
India has threatened to punish private jet operators that fly to small and remote airports without police clearance as Prime Minister Narendra Modi tries to plug loopholes in his campaign against unaccounted money.
A group of private jet operators, which counts tycoon Anand Mahindra’s Mahindra & Mahindra Ltd. and the billionaire Poonawalla family’s aviation firm as members, said the move came after an “isolated case” of not following procedure, and aircraft owned by its members follow standard rules for security checks.
Modi stunned the nation on Nov. 8 by invalidating 500 rupee ($7.3) and 1,000 rupee notes in an effort to force unaccounted cash into the formal economy, setting a Dec. 30 deadline for the money to be deposited with banks. Two weeks later, India Today reported that a private jet was used to transport banned currency to the country’s northeast, where residents enjoy certain tax benefits. The Huffington Post reported that at least four private jets stuffed with cash flew to a small town in the northeastern state of Nagaland.
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