Bureaucrats, real-estate dealers among ‘blackmoney adjustment-seekers’
STATE TIMES NEWS
JAMMU: In the aftermath of demonetization, Income Tax Department sleuths on Friday carried out massive survey on around 25 leading jewelers, who are in bullion trade in Jammu, Samba, Kathua and Udhampur Districts of Jammu.
The operations were carried out on a specific allegation received from different sources that some of the bullion dealers were making attempts to illegally bring the demonetised currency notes of Rs. 500 and Rs 1,000 denomination into their trade by showing sale of bullion and jewellery back date on 8th November 2016 and earlier dates, charging exuberantly at rates ranging to 150 per cent of the prevailing rates, according to an IT Department handout.
STATE TIMES correspondent adds that the main hub of jewellers market in Jammu-Jain Bazar- was virtually declared out of bounds minutes after various teams of IT Department started verifying the records of prominent jewelers, especially in the wake of scrapping of currency notes of 500 and 1000 denominations.
According to eye witness reports soon after IT teams reached Jain Bazar majority of jewellers shut down their shutters and mixed with the crowd to assess the aim of the IT teams. As raids were carried out by the IT teams and records were verified large number of jewellers desperately tried to run away from the troubled zone to set their own house in order.
It is learnt by the STATE TIMES that details of customers who bought gold over and above Rs 2 lakh without furnishing details of their PAN cards were sought by the IT teams to further verify their income tax details and total income. The noose was tightened by the IT authorities after it came to their notice how tax evasion was manipulated by the jewellers and the buyers to suit their own needs.
The surveys created panic in big business houses as the mouth of word spread like wildfire about crack-down on hoarders of blackmoney. Rumours of 10 gram of bullion being sold for Rs 50,000 kept trickling till late in the night.
It was alleged that black money holders, which include bureaucrat, real estate dealers and some other highly influential persons are approaching these dealers to adjust their black money by showing sales in back date thereby making an attempt to defeat the intent of the government to curb the black money which was being in circulation in abundance. The books of accounts and other documents like bill books, cash register and accounts statements of all these concerned covered were identified and seal put on the last bills/ entries made as on date.
The Principal Commissioner of Income Tax, J and K, Sangeeta Gupta confirmed the action and advised the traders and all others to desist from such illegal activities as the Department is keeping strict vigil on all such activities and warned of strict action if any such attempt is made by any such person.
