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Note ban ghost comes to haunt jewellers as I-T dept passes recovery orders

Jewellers who have received such orders will have to cough up at least 20 per cent of the demand before they can file an appeal

Rajesh Bhayani  |  Mumbai 

The income-tax (I-T) department has passed recovery orders against thousands of jewellers across the country on their cash deposits after demonetisation of high-value currency in November 2016. Tuesday (December 31) was the last day to pass orders for the accounting year 2016-17 in which such deposits were made.

This has brought fresh worries in the industry, about whether jewellers will be in a position to pay that money when jewellery demand has been low for the last six months. Sources say many of them may have to shut shop. Surendra Mehta, national secretary, Indian ...

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First Published: Tue, December 31 2019. 21:51 IST
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