CHENNAI: The officials of the Income Tax department raided the homes of jewellers in Chennai and recovered Rs. 90 crore in cash and 100 kg gold today. Raids have been conducted at eight places in the city, sources said.
The Income Tax Department has been conducting regular raids since the government scrapped high denomination notes of Rs. 500 and Rs. 1000.
Till December 6, cash and jewellery worth Rs. 130 crore had been seized and Rs. 2,000 crore of undisclosed wealth admitted by taxpayers, the department said.
The value of today's seized gold is Rs. 29 crore.
Since the ban on November 8, the department said it conducted "swift investigations" in more than 400 cases. More than 30 cases were referred to the Enforcement Directorate and the Central Bureau of Investigation for further investigation.
To flush out black money and stop terror funding through forged notes, Prime Minister Narendra Modi had announced on November 8 that Rs. 500 and 1000 notes will be scrapped. People were asked to deposit old notes in banks by December 30.
