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I-T department targets cash hoarders, seizes Rs15 crore in 2 days

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I-T department targets cash hoarders, seizes Rs15 crore in 2 days
The tax department started its crackdown on cash hoarders amid a cash crunch reported in several states earlier this month
Continuing its drive against cash hoarders, the income tax (I-T) department has seized nearly Rs15 crore in the last two days across Bengaluru, Hyderabad and Punjab.The tax department started its crackdown on cash hoarders amid a cash crunch reported in several states earlier this month.
The searches in Bengaluru targeted a few big contractors and led to the seizure of Rs6.76 crore in cash—in Rs2,000 and  Rs500 denominations—from benami lockers, said a tax department official. These contractors were awarded contracts between January and March this year, followed by bank transfers and then withdrawals. There were also no books of accounts maintained by the contractors, the official added.
In Hyderabad, the searches were on two realtors and led to the seizure of Rs5.10 crore in unaccounted cash.In Punjab, cash amounting to Rs2.62 crore and jewellery of Rs66.5 lakh was seized from a group engaged in the manufacture and sale of cattle feed.This is not the first instance of cash seizures this month. The tax department has closely tracked cash movements in Karnataka, which goes to polls on 12 May. Last week, its officials seized Rs4.13 crore in cash and 4.52kg of gold jewellery valued at Rs1.32 crore. Many of these cases are from Karnataka, including the cities of Bengaluru and Bellary.
The Mint, New Delhi, 27th April 2018

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