I-T department seizes Rs4 crore in drive against cash hoarders
New Delhi: In a drive against cash hoarders, the income tax (I-T) department has seized currency worth Rs4 crore from people in states, including Karnataka and Andhra Pradesh, which have reported cash shortages. The drive is part of the tax department’s efforts to track down currency hoarders suspected of gaming the formal banking system to mobilize currency for making unaccounted payments.
The search operations were conducted over the last few days, said a government official who did not wish to be identified.
The Mint, New Delhi, 20th April 2018