70 crore new currency with 100 Kg Gold found by IT

Income tax department recovered around ninety crore Indian currency from Chennai. As per the sources this amount included 70 crore new currency with 100 Kg Gold found by IT. This is considered to be part of old currency note exchange racket.

After demonetization , there is huge demand for exchanging old currency with new currency notes. As per reports people are charging as much as 30 percent of the currency to be changed.

Government is making policies for gold, like married woman can keep 500 grams of gold, unmarried can keep 250 grams and man can keep just 100 grams of gold. Now this big seizure of 100 Kg, that means around 10000 grams of gold in single days means rules are for common man only.

Income tax department officials raided eight different places in Chennai. In total around 100kg gold has been seized from different place too. This is considered to be biggest seizure of currency and gold after demonetization in the country.

Income tax officials told that this money exchange racket was going for some time , where in old currency notes were being replaced by new currency notes or with gold bars too. Names of many big business man are coming in front after these raids which were not declared by the officials yet.

On one hand when common man is loosing patience after standing for hours and even full day for getting just 2000 INR from ATM, these type seizures are making mockery of every big claim by the goverment.