According to latest reports, Income Tax Dept has
conducted raids in Delhi, Mumbai and other cities after people made high-value
deposits in banks. The govt had earlier said that it will be getting
information on any deposit, above a threshold of Rs 2.5 L, made between Nov 10
and Dec 30. In a swift move to destabilize the black money economy, the govt
derecognized Rs 500 & Rs 1000 notes on Tuesday.