Chennai: IT Department Scrapped notes worth Rs 10 crores, 6 kg of gold jewellery from trader

Chennai, Dec 20: The Income Tax department has seized Rs 10 crore in cash and 6 kg of gold jewellery in Periamet area of Chennai as part of its anti-black money crackdown operations.

Officials said that the seizure, all in demonetised notes of 1,000 and 500 rupees, was made after searches were conducted against a trader dealing in imitation jewellery located in Periamet.

They said that the department acted based on a tip-off about stashing of currency in scrapped high value notes. The trader is now being questioned about the source of the huge cash haul.

Earlier this month, the Income Tax department raided eight locations in Chennai including Anna Nagar and T Nagar, seizing Rs 90 crore in cash out of which Rs 70 crore were in new notes.