Currency ban- IT raids at jewellery stores in Chennai
Around 50 officers were deployed for the secret operation that was held in the city.
Chennai, Nov 13: As a part of its drive to eradicate black money, Income Tax authorities knocked on the doors of jewellery shops in Chennai on Saturday late evening. Around 50 officers were deployed for the secret operation that was held in the city.
According
to
sources,
these
shops
were
allegedly
accepting
old
Rs
500
and
1000
notes
from
the
customers
and
issued
invoices
on
a
date
prior
to
the
date
of
the
transaction.
The
IT
officials
randomly
walked
into
shops
and
were
enquiring,
sources
said.
Prime Minister Narendra Modi had last week declared Rs 500 and 1,000 notes as invalid. This was aimed at eradicating both black money and fake currency from the market. While many have supported the move there are some who are upset as it has caused a great deal of inconvenience to the common man. For the past two days, people have been standing in long queues outside banks and ATMs to either deposit or withdraw cash.
Meanwhile, the Finance Ministry said on Saturday said that the ATMs will be able to disburse new currency notes only by early December as recalibration of the machines requires both hardware and software modifications.