‘₹10.5 crore in cash…’: Viral post sheds light on 75-80% of farmland deals being run on black money in India

When a retired IAS officer facilitated a ₹14 crore farmland deal, only ₹3.5 crore was transferred through official channels, with the remaining ₹10.5 crore exchanged in cash over hours in a bank, showcasing the prevalence of black money in Indian real estate transactions. A Reddit post detailing this experience went viral, with users sharing similar stories of cash-based land deals where only a fraction of the amount was accounted for, highlighting the systemic loopholes enabling tax evasion and money laundering in the sector. Despite crackdowns, the pervasive use of black money in real estate transactions continues to persist, with little indication of change in the foreseeable future.

Full Article