New Delhi: The jewellers struck gold immediately after the announcement of note ban on November 8. In about 4 hours that followed PM Narendra Modi's announcement, about 2 tonnes of gold was gold sold. An astonishing 4 tonnes of gold was sold within 48 hours of note ban announcement. Total sales in 48 hours have been estimated at Rs 1,250 crore. This data is according to survey done by the Directorate General of Central Excise Intelligence (DGCEI).
There is suspicion that the gold sold on November 8 and November 9 was primarily to convert black cash into gold to avoid tax authorities, The Times of India reported quoting officials. This in simple terms was money laundering.
- #A Delhi jeweller sold 45 kg gold to 700 persons on Nov 8
- #This Delhi jeweller had sold just 820 gm gold on Nov 7
- #A Chennai jeweller sold 200 kg gold on Nov 8, up from 40 kg a day early
- #A Jaipur jeweller had 100 gm stock on Nov 7, but sold over 30 kg gold on Nov 8
Excise duty evasion of Rs 100 crore is estimated by jewellers after note ban. Already Rs 20 crore duty evasion has been detected after survey of 400 jewellers. The figure will touch Rs 100 crore once all jewellers are scanned.
The DGCEI survey was done after reports of conversion of black cash into gold on a large scale. Already 300 jewellers have been served a notice for alleged money laundering and tax evasion.
Officials say that the gold sales in survey are under reported as it does not include the illegal sales of gold bricks, which no jeweller puts on paper. (News24Bureau)