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Black money routed into gold market, shell cos after note ban: I-T sleuths

Undisclosed income worth over Rs 9,334 cr has been detected tax authorities

IANS  |  Kolkata 

The massive hunt for undeclared cash launched across the country post demonetisation has revealed that this was either converted into gold or routed through shell companies to make it legal tender, IT sleuths have told IANS. Income Tax officials said black money holders avoided the bank-deposit route because they wanted to conceal their identities and somehow had "managed to get many jewellers" to convert their unaudited cash into gold. "They bought gold and jewellery from jewellers across the cities on November 8 (the night Prime Minister Narendra Modi ...

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First Published: Wed, May 03 2017. 15:41 IST
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