Pune: I-T dept swoops in, raids banks and jewellers for accepting scrapped notes

The raids continued till late Friday night. I-T officials said the department was tracking establishments which were trying to helping people dispose of black money by accepting such notes.

By: Express News Service | Pune | Published:November 12, 2016 12:27 am

The Income Tax department in Pune has raided some banks and jewellers in the city based on information that they were accepting the scrapped high denomination notes to make fixed deposits and other transactions. According to sources in the department, Sonigara Jewellers in Pimpri-Chinchwad, among others, and JSPM Bank and some other banks were raided Friday.

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“We had information that these banks were accepting notes of Rs 500 and Rs 1,000 from some customers with the intention of making backdated fixed deposits with them. We also learnt that jewellers had agreed to sell gold to some customers in exchange of the scrapped notes. In fact, the price of gold went up to Rs 55,000-70,000 per gram, as opposed to Rs 34,000, and yet there were lots of takers. Backdated transactions were made here as well, so that these currency notes could be deposited in banks legally,” said a source.

The raids continued till late Friday night. I-T officials said the department was tracking establishments which were trying to helping people dispose of black money by accepting such notes.