Demonetisation: I-T raids across multiple cities
The Income Tax department on Thursday conducted multiple raids in Delhi, Mumbai and other cities in the wake of reports of alleged profiteering and subsequent tax evasion by traders by converting withdrawn currency notes in an illegal manner.
Interestingly, the operations (surveys) were launched from the evening as the taxman wanted some hard cash to get accumulated at the payment counters to make the action effective.
Officials said the operations are being carried out at least at four locations in the national capital including popular market places like Karol Bagh, Dariba Kalan and Chandni Chowk, three locations in Mumbai and few others in Chandigarh and Ludhiana. Till reports came in, similar survey operations by I-T authorities are also understood to have been launched in two south Indian cities.
Sources said the department had received “actionable inputs” that some traders, jewellers, currency exchanges and hawala dealers were allegedly exploiting the recent demonetisation.