Two Years After Note Ban, Traders Start Hoarding Cash Again; Rs 35 Crore Seized From Delhi

Traders in Old Delhi area of Chandni Chowk were under income tax surveillance for a long time for their unaccounted business dealings in cash generating huge black money before a private vault was raided in the area a week ago where officials have so far seized Rs 35 crore, mostly in currency notes of Rs 2000.

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On Friday, income tax officials seized Rs 5 crore after confronting some locker owners who owned up to some of the cash but failed to substantiate the source of these deposits. The I-T officials have so far opened about 50 lockers while hundred more are to be searched.

BCCL/Representational Image