Income Tax raids on Chandigarh, Ludhiana, Jalandhar jewellers accepting banned Rs 500, 1000 notes at 40% discount

Income Tax Raids on Jewellers

Chandigarh: Some unscrupulous businessmen and jewellers thought of making quick buck  from PM Modi’s move to demonetise 500 and 1000 Rs notes. This seems to have backfired badly. The  Income Tax department has started search and survey operations in many cities across Punjab on Thursday evening after they found that jewellers and hawala operators were discounting banned Rs 500 and Rs 1,000 notes at up to 40 per cent.

The search and survey operations were conducted on jewellers at Dariba Kalan and Karol Bagh in Delhi besides Chandigarh, Ludhiana and Jalandhar. The I-T raids started after these bullion traders and jewellers were found accepting banned notes at discount and converting the alleged unaccounted cash for bullion and jewelleries.

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Two big hawala operators have been targeted in Mumbai who were receiving these banned notes at a discount. A top source in the Central Board of Direct Taxes said I-T officials are yet to find out where these banned currency notes were to be shifted and how they would have monetised it considering they are no more a legal tender.