After Prime Minister Narendra Modi’s announcement that Rs 500 and Rs 1000 notes will be illegal it is believed that the black money in the country will come out. But Balck marketers are using new techniques to safeguard their illegal earned money.
The Income tax officials have raided the residences of Baahubali producers simultaneously and cash was seized in large sums. The IT officials have raided the residences and offices of Sobhu Yarlagadda and Prasad Devineni in Hyderabad and recovered Rs 50 cr all in Rs 500 and Rs 1000 denominations. Taking inputs that the Baahubali makers are exchanging the money for Gold .
And With the reports that jewellery shops were involved in black marketing with the belief that these shops allegedly accepting old 500 and 1000 rupee notes for gold sale at high cost. Customs officials have conducted surprise raids jewellery shops in Ameerpet and Panjagutta areas in Hyderabad. The officials were divided into six groups and conducted the raids. They also inspected the files in the shops. DGP Anurag Sharma served notices to 15 jewelry shops to give their transactions details.