A massive coordinated Income Tax raid is underway in major cities of the country two days after the decision of scrapping Rs.500 and Rs.1000 notes by the government.
I-T sleuths were spotted conducting raids in Delhi, Mumbai, Kolkata, Jaipur and other cities. The targets are mostly jewellers and suspected hawala operators.
Following the decision to scrap the Rs.500 and Rs.1000 notes, jewellers were among those most concerned because Gold was one of the most sought after commodity of those having wads of cash.
Reports say that some jewellery stores accepted the cash before the midnight ban by selling jewellery on outdated or backdated invoices. They sold jewellery at a premium.
Queues of customers were seen outside jewellery stores on the evening the ban was announced. I-T sleuths are acting on specific intelligence. On their radar are hawala operators who might have converted some of the banned currency.