Enforcement Directorate personnel on Wednesday conducted raids in 40 locations across the country in an attempt to crack down on black money procured from currency exchanges, hawala dealers and others, PTI reported. The searches were a follow-up to the demonetisation initiative where Rs 500 and 1,000 notes were declared illegal in an effort to smoke out black money hoarders.

Officials said teams involving around 100 Enforcement Directorate personnel along with several police officials were part of the operation. In the Eastern region, 16 places were searched including locations in Kolkata, Bhubaneswar, Paradip and Guwahati.

Rs 10 lakh in new currency notes was seized from the property of a doctor in Kolkata, officials said, adding that foreign currency worth Rs 4 lakh was also confiscated from the area.

The directorate was set up in 1956 to enforce the Foreign Exchange Management Act and the Prevention of Money Laundering Act.

On November 8, Prime Minister Modi had announced that Rs 500 and Rs 1,000 notes will not be legal tender anymore. He said it was a step to fight black money, corruption and the circulation of counterfeit currency in the country.