Raids In Delhi, Mumbai To Find Hordes Of Banned Rs. 500 And 1,000 Notes

Mangalore Today News Network

New Delhi,Nov 10, 2016 :  Tax officials are conducting large and simultaneous raids in four different cities including Delhi and Mumbai to find people hoarding large amounts of the 500 and 1,000 rupee notes that can no longer be used for transactions.

Jewelers, money-launderers or hawala dealers and those who privately handle currency exchange are being targeted in Ludhiana and Chandigarh along with the capital and the financial capital.

On Tuesday, in a shock move, Prime Minister Narendra Modi said in a special televised speech that the high-denomination notes were being abolished to crackdown on black money and money-laundering.

Courtesty:NDTV