{
  "id": 2002789,
  "title": "I-T unearths Rs 1.29 lakh cr foreign remittances",
  "url": "https://urgent.news/2026/08/19/i-t-unearths-rs-1-29-lakh-cr-foreign-remittances-2002789",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-19T18:38:49.000Z",
  "source": {
    "name": "The Economic Times",
    "slug": "the-economic-times",
    "url": "https://economictimes.indiatimes.com/news/economy/finance/i-t-unearths-rs-1-29-lakh-cr-foreign-remittances/articleshow/133357158.cms"
  },
  "original_language": "en",
  "account": "The Income Tax Department has uncovered a staggering foreign remittance scheme involving 6,422 entities, collectively sending Rs 1.29 lakh crore overseas, prompting action against 394 firms and widening the scope of scrutiny, according to sources familiar with the investigation. The probe occurs amid the Indian Rupee's persistent weakness, with the Reserve Bank of India frequently intervening in the forex market to curb volatility and avert drastic currency swings.\n\nThe investigation has revealed that a significant chunk of the money flowed to a few key destinations. Singapore, the UAE, Hong Kong, Mauritius, and China together handled 72.3% of the total remittances. Singapore led as the primary recipient, with Rs 41,885 crore, followed by the UAE at Rs 18,331 crore and Hong Kong at Rs 18,064 crore. The probe remains ongoing, with the senior official cautioning that the full modus operandi might not be clear for a few days.\n\nThe investigation has also highlighted a striking concentration of remittances among entities with foreign addresses, with 83 such entities accounting for Rs 36,175 crore. This has led to a deeper dive into their ownership, business activities, and the underlying transactions. The speed at which funds are being sent overseas has heightened concerns, with Rs 43,048 crore remitted in the first half of FY26, matching 78% of the FY25 annual figure.\n\nThe probe has also reignited discussions on how corporate structures and cross-border transactions are being exploited to channel funds out of India. As the central bank actively manages dollar liquidity and currency volatility, investigators are now focusing on the origin of funds, transaction nature, and beneficiaries of the overseas transfers. While the department has already taken enforcement action against 394 firms, the investigation is far from complete, with more entities under scrutiny and additional searches and actions expected.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Economic Times - Economy",
        "title": "I-T unearths Rs 1.29 lakh cr foreign remittances",
        "url": "https://urgent.news/2026/08/19/i-t-unearths-rs-1-29-lakh-cr-foreign-remittances",
        "published": "2026-08-19T18:38:49.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}