New Delhi. The Income Tax department on Thursday conducted multiple raids in Delhi, Mumbai, and other cities. Agencies are acting on specific intelligence.
IT department began crackdown on those taking demonetised currency at discount, selling gold at premium in exchange of old notes and hawala operators offering foreign currency.
Raids were carried out in Delhi, Mumbai and some cities in Punjab after reports of traders taking old Rs 500 and Rs 1000 notes, selling gold at upto Rs 50,000 per 10 gram and dollar touching 100 in local hawala market surfaced.
IT department had received actionable inputs that some traders, jewellers, currency exchanges and hawala dealers were allegedly exploiting the recent currency demonetisation of Rs 500 and Rs 1,000 notes and were changing currencies at discounted prices, thereby profiteering illegally.
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.
According to media reports these operations were planned after CBDT Chairman Sushil Chandra yesterday asked all the investigation units in the country to keep a check on suspicious movement of huge cash.
The operations are being carried out at least at four locations in the national capital including popular marketplaces like Karol Bagh, Dariba Kalan and Chandni Chowk, three locations in Mumbai and few others in Chandigarh and Ludhiana.
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.