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.
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.
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.