Demonetisation impact: Rs 30 crore unaccounted wealth seized in Karnataka, Goa

The I-T officials, who conducted raids on a few societies in and around Mangaluru, have found that people have exchanged currency notes amounting to Rs 8 crore.

By: Express News Service | Bengaluru | Published:November 19, 2016 3:11 am

The Income Tax Department for the Karnataka and Goa region has recovered nearly Rs 30 crore of unaccounted wealth from financiers, jewellery shops and co-operative banks since the NDA government’s demonetisation move, the department said in an official statement Friday.

Even as leaders like Karnataka Chief Minister Siddaramaiah demand the inclusion of co-operative banks in currency exchange activities, the I-T Department has raided a few co-operative societies in the coastal Karnataka region for accepting demonetised high value notes as deposits and converting them at a premium.

The I-T officials, who conducted raids on a few societies in and around Mangaluru, have found that people have exchanged currency notes amounting to Rs 8 crore through these societies.