Demonetisation of currency: I-T Department conducts raids in Delhi, Mumbai

Zee Media Bureau

New Delhi: In a move to crack down black money, the Income Tax Department on Thursday conducted multiple raids in Delhi, Mumbai and other cities.

The move of the Income Tax Department comes in the wake of the demonetisation of currency notes of Rs 500 and Rs 1000 which was announced by the government on Tuesday.

As per PTI news alert, the I-T Department conducted multiple raids in Delhi, Mumbai and other cities in the wake of demonetisation of currency.

Income Tax department conducts multiple raids in Delhi, Mumbai and other cities in the wake of #demonetisation of currency. — Press Trust of India (@PTI_News) November 10, 2016

According to reports, the raids in Delhi have been carried out in Chandni Chowk and Karol Bagh.

The raids came after reports of suspicious gold trade, the reports said.

In a major crack down on black money, Prime Minister Narendra Modi on Tuesday announced the demonetisation of Rs 500 and Rs 1000 notes saying these notes will not be of legal tender from Wednesday.