Bullion Jeweller Traders in Ahmedabad Under IT Scanner


 Jewellery |  By: Mansi  

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Ahmedabad, 24th Jan: Since the wee hours of 24th Jan, Income Tax Department Officials have been cracking down on various jewellers based across the Ahmedabad City in Gujarat. A city-wide search on Bullion Jeweller Traders has been undertaken in various areas including Jodhpur, Satellite, Maninagar, Manek Chowk and CG Road.

After demonetization, CBT had issued instructions notifying jewellers across the country to maintain CCTV footage, entries and backup of all transactions after 8th November, 2016. IT Department Officials are currently auditing the authenticity of these transactions.

As per a local news report from TV9 Gujarati, it has been alleged that a significant amount of unaccounted cash had been allegedly used to purchase a major quantity of Gold from a Bullion Jeweller based in Ahmedabad. It is believed that owing to this alleged finding, a city-wide investigation has been undertaken.

The move is a part of cracking down on black money by the Government. A similar crackdown had been undertaken in Chennai, Tamilnadu last month where 8 locations were raided, 100 kgs gold and Rs. 70 crore in new currency were seized. The Government also aims to digitize the gems and jewellery industry and organize the sector to encourage more ‘white’ transactions.

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Income Tax, Jewellers, Ahmedabad