Tollywood IT Raids

Prime Minister Narendra Modi’s decision of discontinuing Rs 500 and Rs 1000 notes irked many and this has become the hot topic across the country. The common man has eagerly waiting to witness the amount of blackmoney present in the country and the businessmen, industrialists and politicians having currency off the records have been facing tough time. The currency heat even touched the film industry and the first shock came after the Income Tax Department conducted raids on the offices and houses of the makers of Baahubali, Shobu Yarlagadda and Prasad Devineni.

It has been revealed from a source that the whole film industry has been under scan and the Income Tax department kept a close eye on the transactions made by all the leading producers. Top filmmakers are now left confused of transferring hefty amounts and there are talks that crores of black money (in Rs 1000 bundles) is currently available with several filmmakers, actors and financiers. Sources also said that this demonetization drive will reveal the names of many Tollywood biggies who have been carrying unlawful transactions. This will have a huge impact on the releases of the upcoming films.