ALSO READDemonetisation: I-T notices already sent to those depositing huge cash Jewellers shut shops for 12th straight day after income-tax surveys LS passes Bill to amend Income Tax Act without debate Deposit money in bank only if you can account for it: Tax experts Can't escape law by showing sudden jump in income: Arun Jaitley
In one of the biggest seizures of new currency, the Income Tax department today confiscated over Rs 4 crore in searches against at least two individuals in Bengaluru.
Officials said the searches were launched on the premises of an engineer and a contractor.
The sleuths of the department seized over Rs four crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits, they said
"Huge stacks of Rs 2000 notes have been recovered. The cash amounts to over Rs four crore. The counting of the seized currency is still on.
"This is one the highest seizures of the new currency. Some entry operators and bankers are under the scanner," a senior I-T department official said.
They said the department has also found a number of identity cards of various individuals from the searched premises which could have been used to illegally change the old currency with new ones.