Chennai: Income Tax department officials on Thursday raided the homes of jewellers and sand miners in Chennai and recovered Rs 90 crore (Rs 900 million)in cash and 100 kg gold, local media reported today.
The raids were conducted at eight places in the city.
Of the total cash seized, Rs 70 crore were in new notes, Rs 20 crore in the banned old notes of Rs 500 and Rs 1,000, the report said.
The Income Tax raids are being conducted regularly since the Government banned high denomination notes of Rs 500 and Rs1,000.
According to IT accounts, till December six, cash and jewellery worth Rs 130 crore have been seized and R2,000 crore of undisclosed wealth admitted by taxpayers.