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Income Tax, Excise Intelligence Raid Jewellery Outlets In Tamil Nadu

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V.Balasubramani

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After demonetisation of high value currencies.. it is now raids against jewellery retail and wholesale outlets now.....


Income Tax, Excise Intelligence Raid Jewellery Outlets In Tamil Nadu
gold-jewellery-650-400_650x400_41473076711.jpg

The stock and sale details of gold jewelleries, from November 7 onwards, are being verified.
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CHENNAI: Income Tax and Central Excise Intelligence sleuths are conducting raids at jewellery outlets across Tamil Nadu following information that there were heavy gold purchases after the demonetization of high-value currencies.

"We have begun our raids at gold jewellery retail and wholesale outlets today. We are seeing if unaccounted demonetised currencies were used for gold purchases and hawala operations through the gold market," a top Income Tax official told PTI.

The raids were being conducted following a tip-off that heavy gold purchases were witnessed after the demonetisation of Rs. 500 and Rs. 1,000 notes, the official said.

Replying to a query, he said, "There are some evidences...the searches are on and these are at a preliminary stage," adding that so far, the IT sleuths have searched eight outlets.


Central Excise Intelligence sources said surprise raids were being conducted at all the major jewellery shops in the state since yesterday.

As many as 35 officers of the ranks of senior intelligence officer, assistant and deputy director are conducting the raids.


The stock and sale details of gold jewelleries, from November 7 onwards, are being verified.

Read more at: http://www.ndtv.com/tamil-nadu-news...-raid-jewellery-outlets-in-tamil-nadu-1624475
 
I was told that the jewellers sold off their entire stock on November 8...They were closed for 9th also as their stocks were not replenished by then...Did they issue proper receipts...Did they take PAN no of all the buyers? Doubts linger!!
 
vgane Ji,

Thank you.

I earned the ban...

And I am back here becos I love this community... :)
 
vgane said:
I was told that the jewellers sold off their entire stock on November 8...They were closed for 9th also as their stocks were not replenished by then...Did they issue proper receipts...Did they take PAN no of all the buyers? Doubts linger!!
Click to expand...

vgane Ji,

Debates on this topic is being held on few channels.

It is alleged that since the IT Department have received a tip off that currency notes in the denominations of Rs. 500 and Rs 1,000 were being traded secretly, the raids were conducted.

It is also allged that some of the shops had thriving business on those days by issuing anti-date receipts.

While the raids were confirmed, we have to wait for the outcome as usual.
 
Most of the shops in Delh's Chandni Chowk which do whole sale business are closed from 9th Nov onwards on such fears. The areas like Khari Baoli, Nai Sarak, Chawri Bazar where one find difficult even to walk are so empty now a days that you can have a smooth sail in a Conteza.. The labourers dependent on these markets for a lively hood have found an alternative in standing queue for changing notes at a price of Rs.500 a day, nice innovation!!
 
GANESH65 said:
We are also happy to see you back Bala Sir The forum also loves You!

By the way for the first time seeing someone earning a Ban! LOL
Click to expand...


It may a disciplinary action initiated by the Moderator to set things right.

Like the Government now initiating several measures by banning Rs.500/= and Rs.1000/=.

And the Delhi Government initiating several bans to arrest the Air pollution ...

Kerala colleges banning girl students wearing Jeans and T-Shirts ...

I have seen members banned in this Forum and this time I have tasted it myself.

I thank the Moderator for being so kind towards me by giving me a long rope

In fact, I love this community members, interaction and sharing with them, etc and hence don’t want to leave this community.

How can I miss them when each one being unique in their own style and has something to learn from …?

More over, with the passage of time since joining the Forum, I have developed friendship with more members, some through P.Ms, some through emails, telephone calls, and some through Face book, twitter, etc. And there are few, whom I meet personally now and then.

Of course, there may be some for whom my ban would have proved a short lived BOON. LOL

Anyway, thank you Ganesh65 Ji


 
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Lots of poor & middle class people are suffering because many ATM's are shut...Also wherever money is dispensed it is not in lower denomination! They are issuing Rs 2000 notes...Government should set right the ATM's or it will be difficult to contain the people's anger..Already there are 2 deaths!!
 
vgane said:
Government should set right the ATM's or it will be difficult to contain the people's anger..Already there are 2 deaths!!
Click to expand...


It is reported that only few ATMs were in operation and those also quickly went dry without cash..

ATMs proving Another Time Money

And there were serpentine queues seen in most of the bank branches..

People are running pillar to post for money…

Here is a news item to share...

Anxious Chennaiites turn ATM hoppers

CHENNAI: Residents in Chennai on Friday were seen anxiously going from one ATM to another to check which bank's machines were working.

Only a few hundred ATMs - primarily those of SBI, ICICI Bank and HDFC bank - were operating in the city at 10am. ATMs near Central Station, Royapettah GH, Apollo Hospitals on Greams Road and Parry's were opened as early as 8am.

Customers were frustrated as while their mobile banking apps had maps to locate nearby ATMs, there was no information posted by any bank as to which ones were operational.

"It wouldn't take much effort to put up on their websites, which locations have operational ATMs and keep updating that list as and when they load cash into more ATMs," said P Sitharam, a resident of Avvai Shanmugam Salai.

Several ATMs ran out of cash before noon. Disgruntled commuters from all over the city found shutters down or the ATMs unable to dispense cash.

"When I went to the ATM near the Triplicane branch to draw cash at 9am, it was out of money. Other ATMs were shut down," said Rajalakshmi, a home maker. Prime areas in the city such as Besant Nagar, Adyar and Thiruvanmiyur were also affected.


Read more at: http://timesofindia.indiatimes.com/...tes-turn-ATM-hoppers/articleshow/55368541.cms
 
ATMs have not been recalibrated for new currency, it will take time, says Finance Minister Arun Jaitley

NEW DELHI: Assuring people that their hard earned money is safe, Finance Minister Arun Jaitley said there is no need to panic, urging people to stagger depositing defunct currency and not crowd banks.

"Government regrets people are being inconvenienced and are being forced to stand to queues but since it is an enormous task and it will take two-three weeks for ATMs to provide some reprieve."

Jaitley said ATMs have not been re-calibrated for new Rs 2,000 currency note. " ..


Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst
 
War against Black Money hoarders may continue with different targets......

India's gold traders on edge as Modi fights 'black money'

jewe.jpg


Panicked gold traders and jewellers have circulated messages amongst themselves saying the government could ban import of gold for domestic use.
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NEW DELHI/BENGALURU: Some Indian gold traders are placing bulk, short-term import orders on fears that Prime Minister Narendra Modi might soon add curbs on overseas purchases of the metal to his withdrawal of high-denomination banknotes in his fight against 'black money', traders and jewellers said.

..
India is the world's second biggest gold buyer, and it is estimated that one-third of its annual demand of up to 1,000 tonnes is paid for in black money - untaxed funds held in secret by citizens in cash that don't appear in any official accounts.

Modi has said he may not stop at the shock currency move that has led to a massive cash shortage, but has not made clear what his next step would be in his drive to uncover the wealth. That uncertainty is likely to create sharp swings in purchases, affecting world prices.

"We're uncertain about what the government will do next," said Daman Prakash Rathod, a director at MNC Bullion in the southern city of Chennai. "No legal business trader is willing to risk very big quantity. (Some) want to buy 2-3 kgs extra so that in future they could conduct their business for a month or two until the situation is sorted out."


Read more at:
http://economictimes.indiatimes.com...ofinterest&utm_medium=text&utm_campaign=cppst



 
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