The demonetisation drive has hurt the real estate sector as the most-used currency in virtually all transactions are the now banned Rs 500 and Rs 1000 currency notes. Since PM Narendra Modi said they are no longer legal tender, it has set off a chain reaction in this sector as well as most others and thereby ensured long lines in front of banks and ATMs across the country. People are facing hardships everywhere however, some unscrupulous elements, who are not part of the list that can still receive these banned notes, like petrol pumps and hospitals, were still dealing in them. Today, after receiving a number of complaints that were registered against builders, the Income Tax Department conducted what the taxmen dubbed as ‘surveys’ on their offices to ensure such things were not happening and if they were, then to catch the culprits red-handed.
The complaints received against builders were about them using old Rs 500 and Rs 1000 notes for booking flats in Noida, according to sources. The names of builders and the properties concerned have not been disclosed yet by the department as the department is tight-lipped about it.
Almost all sectors of the economy have quit using these ubiquitous notes and getting replacements has been tough. The banking sector, which has been tasked to raise the supply of currency notes of smaller denominations have been working round the clock, but the problems for the public remain even after one week of the announcement made by PM Modi.