The Income Tax department conducted raids at jewellery and bullion shops in Zaveri Bazaar in Mumbai on Friday. In the wake of demonetisation, the IT department has conducting raids in all parts of the country almost every day to track suspicious cash deals. On Friday IT dept team turned its attention towards the Zaveri market.
The Income Tax department raided money into three large black markets of Mumbai. According to the sources, the Income Tax department officials are doing a thorough investigation and it is alleged that amount over Rs 100 crore or more has changed hands after the decision of banning the high-value notes was declared.
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This is not the first incident that came into the limelight, waging war against black money hoarders, the Income Tax department has uncovered crores worth new notes in its country-wide drive since the demonetisation of high denomination Rs 500 and Rs 1,000 notes on November 8.The demonetisation move will complete 50 days tonight. During these 50 days, the common man may have faced severe inconveniences as due to note ban people were left with almost no cash in their hands, still it has also led authorities to start a crackdown against blackmarketers.