Income Tax Dept to check sale of gold from jewellers

Tribune News Service

Amritsar, November 19

With the demonetisation of currency notes of higher denomination, there has been a surge in the purchase of gold jewellery, as a huge number of local residents purchased jewellery from jewellers in the city.

This has raised many eyebrows and it was feared that unaccounted money was used in the procurement of the yellow metal. Among those who had procured the precious metal include traders, politicians and bureaucrats besides others.

Now such jewellers and buyers would not escape the law and would have to give details of each and every sale or purchase if officials in the Income Tax Department are to be believed. In order to check the illegal sale of gold, the Directorate General of Central Excise Intelligence, an intelligence arm under the Finance Ministry, has asked the prominent jewellers to give details of the sale of ornaments since the announcement of demonetisation of Rs 500 and Rs 1,000 currency notes by Prime Minister Narendra Modi.

The income tax officials revealed that the jewellers had been asked to give details of the stock they were having and the one that was sold after demonetisation. The Income Tax Department has also been asked to show the CCTV footage in order to identify persons who bought the precious metal.

They were also instructed to check whether the mandatory requirement of showing the PAN card while purchasing the gold ornaments was fulfilled or not.

In order to check the illegal sale of gold, the government has asked the excise and income tax officials to summon the details of sale of gold ornaments from hundreds of jewellers across the country.

Sources in the Income Tax Department revealed that soon notices would be issued to the jewellers, seeking details of the gold sale since demonetisation.