IT dept not to spare tax evaders: Palanimanickam

Kancheepuram, Tamil Nadu, June 8 (UNI) Union Minister of State for Finance S S Palanimanickam today said tax evaders, irrespective of their position, cannot escape from the clutches of the Income Tax department.

The Minister was responding to newspersons' queries here about rumours of impending IT raids on the premises of former Chief Minister and AIADMK supremo J Jayalalithaa.

''Tax evaders cannot escape from the IT department. The officials will conduct searches,'' he said.

Mr Palanimanickam said the department was also keeping an eye on actors indulging in tax evasion and necessary action would be taken at the appropriate time.

The Minister said he would hold talks with Union Finance Minister P Chidambaram about the shortage of coins in the denomination of Rs one and Rs five.

''There are complaints that some people are melting the coins to make anklets and blade. I have directed the officials to prevent such practices,'' he added.

He said the Centre had sanctioned Rs 2,000 crore to restructure the agricultural cooperative banks in the State, which were in the red. The measures would bear fruit within an year, he hoped.

UNI