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Vijayawada Safe Haven For Black Money?

Vijayawada Safe Haven For Black Money?

With the Income Tax authorities focussing on every transaction in Hyderabad following the ban on Rs 500 and Rs 1000 notes by the Narendra Modi government, those who had been in possession of huge amounts of black money are learnt to have shifted their cash to Vijayawada.

Apparently, Vijayawada is considered to be safe haven for hoarders of black money, since the tax authorities do not pay much attention on this place so far.

Now that Vijayawada and its surroundings have been witnessing big boom in real estate and infrastructure activities, big businessmen are diverting their cash to this place for investments.

At the same time, the rich business class and big agriculture landlords in Krishna and Guntur districts have good relationship with the powers-that-be and they can get away with their transactions without attracting tax.

Perhaps, that is the reason why all the big people have diverted their unaccounted cash with banned denominations to Vijayawada and Guntur for safe conversion, say sources.

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