Demonetisation effect: Bullion traders shut shops for 2nd day

Gold and jewellery establishments remained shut for the second day in the national capital today after the Income Tax Department on Thursday 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 in at least four locations in the national capital, including the popular Dariba Kalan, Chandni Chowk and Karol Bagh.

In another move to check illegal sale of gold on demonetised high-value notes, excise officials have summoned details of sale of the yellow metal and ornaments from over 600 jewellers across 25 cities.

According to sources, the officials of Directorate General of Central Excise Intelligence (DGCEI), an intelligence arm under the Finance Ministry, has sent notices to these jewellers seeking details of the gold sales in the past four days, beginning November 7.

They have been asked to give details like quantity of stock held by them and sales made during these days.