NEW DELHI: Drug peddlers are not the only ones on the watch list of law enforcement agencies at the Delhi airport. Cheap air tickets and the booming property prices have changed the dynamics of how large sums of unaccounted for cash is transferred within the country and abroad.

Seizure

While the seizure of $2.27 million from a Nigerian diplomat at Delhi airport by the Air Intelligence Unit (AIU) recently may have set a records of sorts, there have been cases by AIU in the recent past, in which "smaller" sums of over a crore have been seized.

These cases may not have grabbed headlines, but they all point to a new trend in the way large sums of unaccounted for cash move from place to place. In the recent past, a prominent hotelier was also allegedly caught at Hyderabad airport with over Rs. 2 crores on him.

Hawala transactions

"There is a strict vigil on hawala transactions. This doesn't mean that hawala transactions don't happen. But they happen on a smaller scale. The charges of hawala operators have also increased. The standard rate of hawala operators is 2 to 3 per cent of the total amount to be delivered. With cheap air tickets available now people prefer to carry the money themselves," said sources at the airport.

While no-frill airlines may be giving hawala operators stiff competition , on the international circuit, the soaring prices in the real estate market are luring some people to carry cash abroad for evading taxes in India. "Many NRIs are coming back home to take advantage of the rising property prices and to sell off their land. Since the land is often sold for more than what is declared to the Government, they convert this unaccounted money into traveller's cheques or dollars and take it back with them. This way they evade paying the tax here. This is a new trend that we have been noticing," said an official in the Income Tax Department.

Rising prices

The rising property prices in the country have also fuelled a similar trend in India. Many businessmen are now also travelling by air within the country with a large amount of cash.

Businessmen

"The property prices in Chennai, Hyderabad, Indore, Pune and Goa are sky rocketing. Many businessmen who want to invest in land travel by air. Since a major part of the transactions are in cash, they carry it with them. Very often they have no satisfactory explanation about how they acquired the money," said an official.

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