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Taxman conducts survey at Centrum over forex business

“Income tax officials visited Centrum for a survey on its foreign exchange business, to verify client KYCs which were all handed over to them,“ said a spokesman at Centrum Group.

, ET Bureau|
Mar 29, 2017, 09.01 AM IST
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The spokesman said the survey was a part of routine surveys done by regulatory authorities such as Securities and Exchange Board of Exchange Board of India, Reserve Bank of India and Income Tax to ensure systemic checks.
The spokesman said the survey was a part of routine surveys done by regulatory authorities such as Securities and Exchange Board of Exchange Board of India, Reserve Bank of India and Income Tax to ensure systemic checks.
Mumbai: The income tax department conducted a survey at the office of financial services firm Centrum in Mumbai on Monday in relation to their foreign exchange business, a person familiar to the development said.

“Centrum is a category-II authorised dealer under which RBI allows them to do money changing and up to `50,000 in cash when somebody is travelling abroad and above Rs 50,000, the PAN number has to be taken. So they (IT officials) were looking at it, whether those things have been adhered to,“ the person cited above said.

In an e-mail response, the company said the tax department survey was routine.

“Income tax officials visited Centrum for a survey on its foreign exchange business, to verify client KYCs which were all handed over to them,“ said a spokesman at Centrum Group.

The spokesman said the survey was a part of routine surveys done by regulatory authorities such as Securities and Exchange Board of Exchange Board of India, Reserve Bank of India and Income Tax to ensure systemic checks.

Set up in 1995 by Chandir Gidwani and Khushrooh Byramjee, the Centrum Group offers integrated financial services to corporate and retail segments through its wealth management, investment banking, institutional broking and exchange services.

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