On Thursday, The Income Tax department seized over Rs. 4 crores in the new legal tender notes of Rs.2000 from two individuals, during a surprise check in Bengaluru for hoarding of fresh currency. The two from whom the currency was seized were an engineer and a contractor, according to a release by the Income Tax department. The officials released a statement “While most of the seized money was in new Rs 2000 notes, the rest comprised of Rs. 100, demonetised Rs. 500 and few gold biscuits.”
A senior I-T department official said “Huge stacks of Rs. 2000 notes have been recovered. The cash amounts to over Rs. four crore. The counting of the seized currency is still on. This is one the biggest seizures of the new currency. Some entry operators and bankers are under the scanner.” There were also many ID cards found on the premises, which the department officials suspect, “May have been used illegally for the exchange of old demonetised Rs. 500 and Rs. 1000 notes from the banks.
While people are still struggling to get a hold of new denominations, a lot of such instances have been happening around the country, even under the strict watch of government. The accused are in custody and the seized cash and gold is still being accounted for by the Income Tax Department officials.
