Reports of shortage of currency notes in certain parts of the country have been making the rounds. Recent income tax searches in Karnataka appear to indicate that one reason is hoarding of cash by Government contractors in Karnataka. Searches were carried out on several such contractors between the 24th and 26th of April 18. This resulted in a seizure of Rs 6.76 Crore from four such contractors in the Mysore area. The entire amount seized was in higher denomination notes.
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