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इंडियन आवाज़     19 May 2024 01:20:43      انڈین آواز

Govt not to spare those acquired huge Jewellery post demonetisation

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AMN /

goldInformation and Broadcasting Minister M Venkaiah Naidu has said the government will not spare those who have acquired huge quantities of Jewellery in post demonetisation period.

Speaking to media on the sidelines of a programme in Hyderabad last evening, he categorically said that no tax will be imposed on jewellery or gold purchased out of disclosed income and acquired from ancestral source. Mr Naidu said people should not worry over the jewellery or gold, if it is ancestral, legitimate and is purchased from disclosed income.

Meanwhile, income Tax Department has unearthed money laundering in the form of old high denominations notes being converted into gold bullion to the tune of 100 crore rupees in Hyderabad. Senior IT officials informed that a reputed jeweller in the Banjara Hills area was surveyed by the Department to unearth the conversion of black money into gold bullion.

It was found that the jeweller has shown to have received advances below 2 lakh rupees in old high denomination notes from about 5000 customers amounting more than 100 Crore rupees between 9 PM to mid night immediately after announcement of demonetisation on 8th of last month.

However, the 5000 customers found fictitious as the jeweller did not take any proof of address like PAN, phone numbers and bypassed KYC norms by splitting the bills into smaller bills. On verification, the department found that the jeweller deposited 100 crore rupees in old high denomination notes during the next one week while it had no much sales prior to demonetisation.

The investigation also revealed that the CCTV footage shows that the shop was closed at 8 PM on November 8th. The Enforcement Directorate has been informed to take appropriate action under Prevention of Money Laundering (PMLA), besides the penal consequences under Income tax Act/Benami Properties (Prohibitions) Act. The investigation is in progress.

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