The Income Tax department has launched a countrywide 'survey' on leading builders after intelligence reports indicated that some of them were accepting banned Rs 500 and Rs 1,000 notes to be “adjusted“ in fresh property deals, an Economics Times report said.
ET report also pointed out the builders were also showing such currency stashes as 'cash in hand' in order to make it appear that they did not accept Rs 500 and Rs 1,000 notes after they were scrapped on November 8.
Surveys were conducted on multiple builders and large broking houses in several cities in Delhi-NCR, Bengaluru, Meerut, Allahabad, Lucknow, Kolkata and some cities in Madhya Pradesh.
Earlier, in the past week over 600 jewellers and 100 money exchangers were sent notices by tax authorities to check illegal use of old currency.
In a surprise announcement on November 8, Prime Minister Narendra Modi had demonetised 500 and 1,000 rupee notes. Following the move, the government has issued several guidelines on bank withdrawals and deposits to maintain currency stability and stub out black money.
