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Cash Crunch Crackdown: IT Dept Seizes Rs. 14 cr Cash from Hoarders
May 04, 2018
Nearly Rs. 14.48 crores worth of currency notes were seized by the Income Tax Department recently during multiple raids that were conducted across India, officials said.
The IT department raided several entities that were believed to be hoarding cash in various locations, thereby aggravating the current cash crunch problem.
The officials said that around Rs. 14.48 crores were seized by the IT department mainly in notes of higher denomination i.e. Rs. 500 and Rs. 2,000. A large portion of this cash was found stored in benami lockers.
