Government warns of strict action as I-T seizes more cash in new currency

By: | Published: December 10, 2016 8:26 PM

The government on Saturday warned of strict action following fresh seizure of Rs 5.7 crore cash in new Rs 2000 denomination notes.

In a startling catch, the Income Tax department today seized Rs 5.7 crore cash in new notes, 32 kgs of gold biscuits and jewellery and Rs 90 lakh worth old notes stashed inside the bathroom tiles of a hawala dealer in the far-flung town of Challakere in Karnataka. (PTI)In a startling catch, the Income Tax department today seized Rs 5.7 crore cash in new notes, 32 kgs of gold biscuits and jewellery and Rs 90 lakh worth old notes stashed inside the bathroom tiles of a hawala dealer in the far-flung town of Challakere in Karnataka. (PTI)

The government on Saturday warned of strict action following fresh seizure of Rs 5.7 crore cash in new Rs 2000 denomination notes. Raids by both Income Tax Department and Enforcement Directorate have resulted in seizure of crores both in new and old currency. Shaktikanta Das, Economic Affairs Secretary said, “Crackdown by agencies continue. More black money and new notes hauled. Strict action will follow.” In a startling catch, the Income Tax department today seized Rs 5.7 crore cash in new notes, 32 kgs of gold biscuits and jewellery and Rs 90 lakh worth old notes stashed inside the bathroom tiles of a hawala dealer in the far-flung town of Challakere in Karnataka.

Earlier in the day, an amount of Rs 82 lakhs, including Rs 71 lakh in new Rs 2,000 currency, was seized at Kothur near Hyderabad. In a separate case, the CBI has recovered Rs 65 lakh of new currency in Rs 2,000 denomination from the Senior Superintendent of Post Offices, Hyderabad in connection with its probe in the note exchange racket. In Tamil Nadu, the Income Tax department seized a whopping Rs 24 crore in Rs 2,000 denomination stashed inside a car in Vellore district. The Central Board of Direct Taxes (CBDT) on Friday said the IT department had seized Rs 96.89 crore cash in old Rs 500 and Rs 1,000 notes, and Rs 9.63 crore in new Rs 2,000 denomination along with gold weighing 127 kg worth approximately Rs 36.29 crore.

Due to the holidays starting from December 10, all the banks would remain closed for three consecutive days. December 10 being second Saturday of the month, December 11 being Sunday and December 12 being Milad-un-Nabi, Prophet’s Birthday. Hundreds of people were seen standing in long queues outside ATMs in Delhi which were dispensing cash on Saturday, while most of the machines remained cash less. Serpentine queues have been witnessed outside banks and ATMs across the country after the government’s November 8 decision to demonetise Rs 500 and Rs 1,000 currency notes to curb “black money and corruption”.

Earlier today, Prime Minister Narendra Modi asked party workers to promote digital transactions and bring everyone under cashless economy. Speaking to party men in Gandhinagar, PM said, “Cashless transaction is the only way to curb corruption. Our country’s economy was damaged for several years, and to make it strong, we will have to go cashless and will have to work towards bringing everyone under such a system.”

(With inputs from Agencies)

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