Income-tax officials conduct surveys on premises of two dozen large traders across Mumbai

MUMBAI: Income-tax officials have conducted surveys on premises of at least two dozen large traders across Mumbai, Delhi and Indore as part of the government’s broader action to curb hoarding in pulses. The country’s largest farm futures exchange premises in Mumbai was also visited by tax officials. An I-T official told ET that 10-12 locations were surveyed in Mumbai and around 6-8 locations each faced similar action in Indore and Delhi.

Brokers named large physical market traders like Glencore India, ETG and Edelweiss. However, officials from these companies were not available to confirm the developments till the time of going to press.

They said the government was keen on auctioning the stocks seized from many traders over the past few months to bring down the prices of pulses which were hurting the common man. Stocks worth Rs 350-400 crore have reportedly been seized but traders might challenge any government move to forcibly auction these stocks, brokers said.

A senior NCDEX official confirmed a survey on its office premises in Kanjur Marg, Mumbai. “The visit of IT officials is part of a routine survey by the department. The exchange is fully cooperating with the officials.

The exchange has always been operating with the highest standards of ethical practices. With very stringent surveillance mechanisms in place, the exchange continues to function with the highest integrity, offering market participants a safe and secure market place. The market is operating normally,” the official said.