After Modi's 'surgical strike' on black money, IT conducts raids in 4 cities
The raids are conducted in these cities simultaneously to find out if jewellers, money-launderers or hawala dealers and those who privately handle currency exchange have kept large amount of unaccounted cash stashed away.
In a bold step to curb the usage of fake Indian currency and combat the issue of black money, Modi on Tuesday night announced that Rs.500 and Rs.1000 notes were being abolished.
People now have 50 days to exchange the old notes.
Bank deposits of more than 2.5 lakhs will be scrutinised by the IT department and matched with the income declared by the account holder.
In case of a mismatch, extra taxes and a 200 per cent penalty will be imposed, the government has said.
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