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Taxmen clamp down on jewellers, traders stop accepting old notes amid raid fears

Bullion traders and jewellers have stopped accepting cash amid fears of income tax raids in future

People buying gold jewellery at a store in Mumbai (Pic: Kamlesh Pednekar)
People buying gold jewellery at a store in Mumbai (Pic: Kamlesh Pednekar)

A day after demonetisation of Rs 500 and Rs 1,000 notes, the Income Tax (I-T) department on Thursday conducted surveys on jewellers and suspected hawala operators across Mumbai, Delhi and parts of Punjab. There have been reports of illegal profiteering by discounting of money, sale of gold at an up to 60 per cent premium, and sale of jewellery for over Rs 2 lakh without PAN details. “We are keeping a watch on illegal transactions. I can only say that legal and honest taxpayers have nothing to worry about,” Sushil Chandra, chairperson, Central Board of Direct ...