With money tied up in banks, the Income Tax department has conducted multiple raids across the country to find undeclared income.
The raids were conducted in Delhi, Mumbai, Chandigarh and other cities.
The raids are being conducted to unearth undeclared cash, according to sources. It is believed that the Income Tax dept was able to flush out some illegal money in the last 24 hours.
People with undeclared income have been making enquiries about what to do with their funds ever since Narendra Modi announced a new currency replacement program on Tuesday evening.
The enquiries made by people with ‘black money’ is reported to have helped create ‘leads’ for the IT department.
Separately, the IT department is also conducting inquiries with co-operative banks, as we reported earlier.
The moves are part of Narendra Modi-led government’s overall crackdown on illegal funds and tax evasion.
Modi had, in his election speeches, promised to crack down on black money and bring it back to India.