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Income tax raid in Baahubali producers homes

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Income tax raid in Baahubali producers homes

Income tax officials have raided the producers of blockbuster movie Baahubali at their homes in Hyderabad yesterday.

Baahubali was a historical fiction epic, released in July last year. The movie was a bilingual made in Tamil and Telugu. It was also dubbed in Malayalam and Hindi.

Baahubali is the country’s biggest blockbuster doing a world wide business of over 650 crores.

Baahubali 2 : The Conclusion, sequel to the movie is under shooting currently. The movie is scheduled to be released worldwide in April next year as a summer release. Distribution rights have already been sold for a record price amounting to several hundred crores.

The offices and homes of producers Shobu Yarlagadda and Prasad Devineni were raided last day. It was alleged that nearly 60 crores of the discontinued Rs 500 and Rs 1,000 notes were believed to have been reserved there.

The high-denomination currency was declared illegal on Tuesday for transactions in an sudden move by Prime Minister Narendra Modi. It was announced to check the rampant use of black money and to stop the circulation of counterfeit notes.

Yesterday, officials raided many shops and offices in four different cities including Mumbai and Delhi. The raid was mostly targeted at the shops of jewelers and private operators who illegally exchanged Indian rupees for foreign currencies.

The government has given time limit till the end of the year to exchange the discontinued notes for new ones from nearby banks and post offices.

People across the country are finding it difficult to cope with the current situation. The newly printed Rs 500 and Rs 2,000 notes were issued in banks, post offices and ATMs from today.

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