« Top Headlines » Open DEMAT Account in 24 hrs  Tax planning for 2025: How to maximise your savings before March 31 deadline  New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha  5 major changes in the last 6 months every taxpayer should know!  Good news for taxpayers: ITR forms updated to allow 87A tax rebate claims, but there's a catch  Top 10 income tax changes from 2024 to look out for while filing ITR in 2025 «  Transfer pricing norms need to be updated... Tax group tours Australia, S’pore to study tax models... » Income Tax Dept seizes foreign currency of $2.27 mn May, 22nd 2007 The Income Tax department on Monday seized $ 2.27 million from a Lagos-bound African national at the Indira Gandhi International Airport. Acting on intelligence gathered by the Air Intelligence Unit indicating a large scale transfer of forex, IT sleuths intercepted the African national at the airport in the early hours, IT sources said. The search of his baggage led to the seizure of foreign currency amounting to $2.27 million for which he had no satisfactory explanation, they said. The person had booked a ticket on Ethopian Airlines to travel to Lagos. "This is a large racket of forex transfer. The racket spread over different countries with several contacts based in India. We have launched a detailed investigation," a senior IT official said. The IT department informed the Enforcement Directorate and Ministry of External Affairs about the seizure of the money and dentention of the person, whose identity has not been revealed yet.