Following the reports of a cash crunch in some of the states, tax authorities held raids to trace out squirrel of money.

As per the reports in the Times of India, 30-35 raids were conducted in poll-bound state Karnataka and parts of Andhra Pradesh. Meanwhile, the government and RBI have stepped up hard work to impel in more cash into states who are experiencing currency crunch.

In Bihar, Rs 800-900 crore has been pumped in through the ATM network with initial assessments as a suggestive of that the lack of currency may be dealt soon.

On the other hand in Andhra and Telangana, where the situation is more heightened, the role of large contractors is under the I-T department’s lens, as the TOI report said.

Worth mention here the amount seized in the conducted raids so far is not huge, operations are expected to meet pace in the coming days as hoarding of 2,000-rupee notes is seen to be the main reason for ATMs running dry in a number of states of the country, the TOI report further said.

 According to TOI sources the focus is on individuals and entities that have carried out large withdrawals over the last few weeks.