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Fake currency, terror financing and black money are three evils and are like 'Jarasandha' (an antagonist in Mahabharat) and should be cut into pieces, the Centre told the Supreme Court on Monday while opposing the pleas challenging the 2016 demonetisation exercise. Attorney General R Venkataramani, appearing for the Centre, submitted before a five-judge Constitution bench headed by Justice S A Nazeer that the government is duty bound to address the three evils. "They (petitioners) have said we should have conducted studies before demonetisation. For more than a decade, central government and the Reserve Bank of India have been looking at the three problems (fake currency, terror financing, black money)... They are like Jarasandha. You have to cut it into pieces. If you don't cut it into pieces, it will always be alive," he said. Venkataramani said judicial review of an economic policy may be restricted to where the court may only determine if there is a rational nexus with the objec
The Income-tax department has detected "unaccounted" income of more than Rs 250 crore after it recently raided a Kolkata-based group engaged in manufacturing of power transmission and distribution equipments apart from few other businesses, the CBDT said Thursday. The searches were launched on August 24 and 28 on the premises of the group, which is also involved in manufacturing of steel pipes and polymer products, in West Bengal and Jharkhand. "Evidence of use of unaccounted cash for acquisition of immovable property and unaccounted cash loan, etc. has also been found and a preliminary analysis of seized evidence reveals that several shell (bogus) companies have been utilised by the group to provide accommodation (hawala) entries to its flagship concerns," the Board said in a statement. The Central Board of Direct Taxes (CBDT) frames policy for the tax department. The shell entities have been found to have routed back the unaccounted money in the guise of share capital or unsecure