Income Tax department conducts raids in Delhi, Mumbai and other cities

After the demonetization of Rs 500 and Rs 1000,black day came for black money holders.

Income Tax department conducts raids across Mumbai, New Delhi, Chandigarh and other places.

The income tax department launched a multi-city crackdown on those taking demonetized currency at a discount, selling gold at premium in exchange of old notes and hawala operators offering foreign currency at a premium.

Nearly Rs 14.2 lakh crore worth of Rs 500 and Rs 1,000 notes are in circulation that have ceased to be a legal tender. This money cannot be used to purchase goods.

Income Tax department conducts raids in Delhi markets like Karol Bagh, Dariba Kalan and Chandni Chowk and three locations in Mumbai and a few others in Chandigarh and Ludhiana.

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