Income Tax dept conduct raids on onion traders in Nashik

The income tax department conducted a raid on on Thursday 10 onion traders of Pimpalgaon in Nashik district. The raid led to seizure of over Rs 24 crore. The officials have detected unaccounted income of Rs 100 crore, of which traders admitted to concealment of Rs 50 crore. Due to the raids conducted by the department, it has led to a drop in the prices of onion. 

The raid began on Thursday after which the prices of onions have reduced by Rs10, touching Rs30 a kg. The reason of dip in the onion prices is because traders started to offload stock that was hoarded by them to be sold at a later date. Rates have also been impacted due to fresh arrivals in the market. The raid also exposed certain practices by traders which resulted in farmers getting lower rates for their produce, but making onions costlier for consumers.