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IT clamps down on jewelers accepting old notes at 40 pc discount Sab Gool Maal Hain! 11/11/2016 11:29:52 PM Early Times Report JAMMU, Nov 11: As part of their clamp down on jewelers accepting banned Rs 500 and Rs 1,000 notes across the country on 40 pc discount, the investigation units of Income Tax department today carried out search and survey operations on 25 leading jewelers in Jammu, Samba, Kathua and Udhampur districts. All the 25 jewelers in bullion trade. Their premises were searched following inputs that they were discounting the banned Rs 500 and Rs 1,000 notes at 40 per cent. They were alleged to be accepting the banned notes at discount and converting the unaccounted cash for bullion and jewelries, IT sources said. "The IT department has carried out a limited survey on around 25 leading jewellers who are in bullion trade in Jammu, Samba, Kathua and Udhampur districts of Jammu division. The operation was made on a specific allegation received from different sources that some of them are making attempts to illegally bring the demonetised currency notes of Rs 500 and Rs 1,000 into their trade by showing sale of bullion and jeweler in the back date of November 8, 2016 and earlier dates charging at excessive rates ranging to 150 pc of the prevailing rates," the sources added. It was alleged that black money holders, including bureaucrats, real estate dealers and some other highly influential persons had been approaching some of these dealers to adjust their black money by showing sales in back date, thereby making an attempt to defeat the intent of the government to curb the black money which was in circulation in abundance, sources said. Source said accounts books, bill books, cash register and accounts statements of all these jewellers were identified and seal was put on the last entries made as on date. IT principal commissioner, J&K, Sangeeta Gupta confirmed the action and advised traders and all others to desist from such illegal activities as the department was keeping a strict vigil on all such activities and warned of strict action if any such attempt was made by any such person. In a surprise move, Prime Minister Narendra Modi had on November 8 announced demonetisation of Rs 500 and Rs 1,000 notes and introduction of new Rs 500 and Rs 2,000 ones with additional security features.   Share This News with Your Friends on Social Network     Comment on this Story

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