New Delhi, Aug. 18 -- The Income Tax Department has launched a nationwide investigation into suspicious foreign currency transfers. The move came after data analysis and ground intelligence showed that some entities were sending large amounts of money overseas despite having little or no reported business activity.

The department has also asked professionals issuing Form 15CB/Form 146 certificates to conduct proper checks and exercise due diligence and sound judgment before approving such transactions.

Read the full letter here:

Government of India

Ministry of Finance Department of Revenue Central Board of Direct Taxes

Based on ground intelligence and analysis of data on outward foreign remittances, the Income Tax Department has iden...