I-T department eyes jewelers selling gold at higher rates to black money hoarders

Following the decision to declare the Rs 500 and 1,000 notes invalid, one had witnessed a rush at jeweler stores.

Bengaluru, Nov 22: Following the decision to declare the Rs 500 and 1,000 notes invalid, one had witnessed a rush at jeweler stores.

People with black money thronged jewelry stores to exchange their notes for gold. However now the Income Tax department had found that there were a large number of jewelers who took advantage of the situation and sold gold for higher rates.

During the several raids conducted, it was found that many had sold off gold at higher rates. In many cases PAN cards had not been sought. This had in fact led to a directive by the government which made PAN card details mandatory while purchasing gold.

An official with the I-T department informed OneIndia that there were several irregularities that had been noticed. Not many jewelers had followed the rules.

It came to our notice that many had been selling gold at higher rates taking advantage of the desperation of people to do away with their old currency. In many cases the PAN card details were not sought, the officer noted.

The IT department is planning a series of raids across the country at jewelers stores. If the jeweler has not taken the PAN details of a customer, then he would have a lot of explaining to do.

We will also verify if gold had been sold at a higher rate. If we come across such illegalities, then strict punishment would follow the officer further noted.

OneIndia News