With the gap between interbank and open market rates of the dollar decreasing but still persisting, the government has geared up for a cracdown against people hoarding and smuggling foreign currencies in the country.
Reports claimed that the government has prepared lists of officials and abettors involved in smuggling operations and action will be taken soon.
The reports added that the government intends to act against ‘mafias’ that are manipulating the currency market in an organised manner.
The government is also upgrading the system used to monitor foreign currency in the country as well.
The rupee has strengthened in the open market, gaining Rs7 against the dollar on Wednesday.