Income Tax department is going to close most of the cases transferred from ED after demonetization because of lack of proofs, except for Musaddi Lal case. It is known news that PM Modi has announced cancellation of big notes on November 8 in 2016. Hyderabad's Musaddi Lal Jewellers has immediately converted Rs 100 crores black money into white by generating fake bills. ED could file cases under Prevention of Money Laundering (PMLA) Act if it could provide substantial proofs regarding the claims.
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