Currency ban- IT raids at jewellery stores in Chennai

Written By: Madhuri
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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.

Currency ban- IT raids at jewellery stores in Chennai

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.

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