Demonetisation Effect: IT Raids on Gold, Jewellery Shops in Vijayawada

Massive IT raids on gold and jewellery shops have created a sensation in Vijayawada city. The raids are being conducted in the wake of the demonetisation of the high denomination currency notes.

Raids are being conducted in several shops in the bustling One Town area in the city. The IT sleuths haven entered the scene after reports that gold and jewellery shops made roaring business on the day when the demonetisation was announced. In several shops, bills were given on back dates in an effort to convert black money into white.

Similar raids have already been conducted in Hyderabad, Chennai and several other places and cases have been registered on some shops.