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War on black money: Income Tax department conducts multiple raids in Delhi, Mumbai, Ludhiana, Chandigarh to unearth Rs 500/1000 notes


New Delhi: In the wake of the demonetisation of currency, the Income Tax department on Thursday conducted multiple raids in Delhi, Mumbai, and two other cities.

According to reports, the raids are being conducted in Delhi, Mumbai, Ludhiana, and Chandigarh to find people hoarding large amounts of Rs 500 and Rs 1,000 currency notes that have been scrapped by the government. Notably, news channel NDTV has quoted sources as saying that the intelligence agencies detected a surge in hawala transactions after Prime Minister Narendra’s Modi’s surprise announcement on Tuesday aimed at curbing black money, corruption, and terror financing.

The raids come on the day when millions of anxious people with Rs 500 and 1,000 notes mobbed banks across India to exchange or deposit them after the government declared them illegal tender.

People jostled to get lower denominations or new currency notes as a sweeping cash crunch caused all round chaos and inconveniences to buy even simple daily essentials.

Also Read: Meet Anil Bokil, the man behind Modi’s decision to demonetise Rs 500, Rs 1,000 currency notes

Amid the public anger over the inconveniences, the government scrambled to clear confusion about the decision to demonetise.

Finance Minister Arun Jaitley said people might face problems initially but in the medium- to long-run they would definitely benefit from the move.

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