Demonetisation: Bullion traders keep shops shut for ninth day

By: | Updated: November 19, 2016 6:59 PM

Gold and jewellery establishments in the national capital remained shut for the 9th day today after Income Tax Department on November 10 carried out surveys following reports of alleged profiteering and tax evasion by traders as government demonetised high-value currency note.

goldMost of the jewellery showrooms here have been closed since November 11. (Express Photos)

Gold and jewellery establishments in the national capital remained shut for the 9th day today after Income Tax Department on November 10 carried out surveys following reports of alleged profiteering and tax evasion by traders as government demonetised high-value currency note. The survey operations were carried out in at least four locations, including the popular Dariba Kalan, Chandni Chowk and Karol Bagh.

The government last week demonetised high denomination of Rs 500 and 1,000 notes to flush out black money.

Most of the jewellery showrooms here have been closed since November 11.

According to sources, the officials of Directorate General of Central Excise Intelligence (DGCEI), an intelligence arm under the Finance Ministry, has sent notices to these jewellers seeking details of the gold sales.

They have been asked to give details like quantity of stock held by them and sales made during these days.

Meanwhile, banks may allow withdrawal of Rs 2.5 lakh by the families with upcoming weddings from next week only after receiving operational guidelines from the RBI, even though the Centre announced the relaxation earlier this week.

Acting swiftly, the Income Tax department has issued hundreds of notices seeking “source” of funds from individuals and firms who have deposited huge amounts of cash in banks using the scrapped Rs 500 and Rs 1,000 currency notes after November 8.

However, hailing the Centre’s move to demonetise Rs 1,000 and Rs 500 notes, Home Minister Rajnath Singh says the action will bring probity in political and administrative works besides reducing the gap between rich and poor.

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