At the jewellery store, the taxman is watching you on CCTV
New Delhi, Nov 12: With the currency ban, many people had begun thronging the jewellery stores. The Income Tax department was well aware that many would now move towards buying gold as an investment.
The IT department was also aware that those in possession of black money would start investing heavily in gold.
However the IT department has made it mandatory for jewellery stores to collect PAN details of the customers and share the information with the taxman. But wait that is not all, the IT department also wants CCTV footage from jewellery stores to monitor customer movement.
CCTV footage to be provided:
The decision to obtain CCTV footage from all stores is to monitor the movement of customers. This directive to provide the department with CCTV footage is in place from November 8 onwards. The order passed by the Revenue Secretary and the IT department is to be followed strictly by jewellery stores failing which they will face action.
The department wants to scrutinise the number of people visiting the store. More importantly it wants to keep a tab on whether one customer has been making multiple visits to the store. Multiple visits to the store on the same day is something that can come under the scanner immediately.
There has been a steep rise in the gold bullion since the Prime Minister announced on Tuesday that the Rs 500 and 1000 notes would not longer be valid.
People have been making visits to jewellery stores and buying gold in large quantities. In fact the price of gold bullion saw a rise of over 60 per cent since the announcement was made on Tuesday.