Bullion traders shut shop, post I-T surveys

Gold and jewellery establishments remained closed in the national capital today after the Income Tax Department yesterday carried out surveys following reports of alleged profiteering and tax evasion by traders and other operators in reported conversion of demonetised notes.
The survey operations were carried out yesterday in at least four locations in the national capital, including the popular Dariba Kalan, Chandni Chowk and Karol Bagh.
According to sources, the department had received "specific inputs" that some traders, jewellers, currency exchanges and hawala dealers were allegedly exploiting the recent demonetisation of Rs 500 and Rs 1,000 notes and were changing currencies at "discounted" prices, thus profiteering illegally.

They said the operations were planned after CBDT Chairman Sushil Chandra asked all investigation units in the country to crack down on suspicious movement of huge cash and other illegal transactions leading to tax evasion.
Top I-T officials had yesterday said the government's directive to them is "very clear", saying any instance of tax evasion and black money should be dealt with strictly, especially after two opportunities in the form of one-time stash declaration window has been provided.