Bhopal: The Income Tax department is conducting a survey in 22 premises of National Board of Trade (NBOT), the country's third-biggest commodity exchange, and its brokers, a senior tax official told Reuters on Friday.
"The survey is on in 22 premises of NBOT, its brokers and distributors, said A.K. Singh, director of investigations, income tax department, based in Bhopal, the capital of the state of Madhya Pradesh, where NBOT is based.
He didn't give a reason for the income tax surveys.
NBOT follows the Multi Commodity Exchange of India or MCX and National Commodity and Derivatives Exchange of India or NCDEX in terms of turnover.
Madhya Pradesh is the country's hub for soybean and soyoil trade and NBOT's focus is on edible oil futures trade. The state accounts for 60 per cent of India's soybean output.
"The survey is on in 22 premises of NBOT, its brokers and distributors, said A.K. Singh, director of investigations, income tax department, based in Bhopal, the capital of the state of Madhya Pradesh, where NBOT is based.
He didn't give a reason for the income tax surveys.
NBOT follows the Multi Commodity Exchange of India or MCX and National Commodity and Derivatives Exchange of India or NCDEX in terms of turnover.
Madhya Pradesh is the country's hub for soybean and soyoil trade and NBOT's focus is on edible oil futures trade. The state accounts for 60 per cent of India's soybean output.
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