Jewellery Shops, Foreign Exchange Agencies and The Producers of Baahubali Raided By IT

The Income Tax Department has raided more than 600 jewellery shops across India after PM Modi’s announcement to ban Rs 500 and Rs 1000 notes. 10 shops were raided in Hyderabad alone.

Several gold shops and foreign exchange agencies have been put under radar by the Customs and Excise Department. They’ve had notices handed to them to submit their sales records for the past four days, with a deadline of 24 hours. Gold shops trading in gold for black money or the old higher denomination notes are soon to be weeded out. Several jewellery shops have been raided in Orissa and Chennai too. The officials have also raided a few hawalas.

The producers of Baahubali were not spared from scrutiny either. While the Baahubali team hasn’t responded to reports, the Income Tax officials apparently raided the homes and offices of the Baahubali producers yesterday. The IT department raided Shobu Yarlagadda and Prasad Devineni for allegedly possessing Rs 60 crore.  Baahubali: The Conclusion is set to release in April 2017. Baahubali VR experience, comic books and animated series can be expected in the future.

More raids can be expected all over the county to put money laundering and exchange of rupee notes for foreign currencies in check.