The Income Tax (IT) department on Thursday seized more than Rs 4.7 crore in new currency notes after conducting searches in premises of two individuals in Bengaluru, reports said.
The search was carried out by the Income-Tax department of Karnataka and Goa at the residences of two state government engineers and two contractors on Wednesday.
Rs 6 crores cash, including Rs 4.7 crores in new currency of Rs 2000, and jewellery in excess of 7 kg were recovered.
The new currency notes of Rs 500 and Rs 2000 were introduced on November 8 when Prime Minister Narendra Modi announced that the high value old currency notes of Rs 500 and Rs 1000 will be demonetised.
After Narendra Modi government’s surprise move, people have been seen queueing up at banks and ATMs to withdraw cash.