New Delhi, Aug. 19 -- The Income-Tax Department on Tuesday launched a nationwide exercise to verify suspicious foreign remittances made by shell entities and other entities over the past three years, covering approximately 394 entities, including 117 located in states along India's land borders, the Central Board of Direct Taxes (CBDT) said. The exercise follows the identification of several entities that remitted large amounts of foreign exchange despite reporting little or no turnover, based on ground intelligence and an analysis of data on outward foreign remittances, the CBDT said in a statement. "A nationwide network of entities engaged in remitting funds abroad was uncovered during a search operation conducted on a group of fictitious...