Income Tax Department Seizes 90 Crore In Cash, 100kg Gold In Raids Across Chennai

Officials of the Income Tax department today (8 December) raided eight different locations in Chennai, Tamil Nadu, with the aim of recovering black money, reported the Times of India. The subject of the raids were local jewellery shops.

Reportedly Rs 90 crore has been seized in cash. About Rs 80 crore of this amount is in the form of old high denomination currency notes and the rest is in form of the new Rs 2,000 currency notes. Officials have reportedly also seized 100kg of gold worth Rs 30 crore.

The raid of jewellery stores in Chennai has been going on ever since it was announced that Rs 500 and Rs 1,000 notes will cease to be legal tender.