India's CBDT Bars 'Angadias' From Delivering Cash

New Delhi: The ‘angadias’ or diamond couriers in India will not deliver cash from one destination to other destination starting from February 15, 2017 following the order of the country’s Central Board of Direct Taxes (CBDT) to the angadias to stop accepting the delivery of cash, says a report in The Times Of India.

The angadias will only deliver valuable jewellery, diamonds and gem stones from one destination to other destination. No cash will be delivered after February 15 to avoid unnecessary action by the CBDT.

Angadias are known as the informal banking system for the Indian diamond industry as they also provide cash on interest to the small and medium diamantiares, which may now be affected adversely.