Taxmen clamp down on jewellers, traders stop accepting old notes amid raid fears

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A day after demonetisation of Rs 500 and Rs 1,000 notes, the Income tax (I-T) department on Thursday conducted surveys on jewellers and suspected hawala operators across Mumbai, Delhi and parts of Punjab.

There have been reports of illegal profiteering by discounting of money, sale of gold at an up to 60 per cent premium, and sale of jewellery for over Rs 2 lakh without PAN details.

“We are keeping a watch on illegal transactions. I can only say that legal and honest taxpayers have nothing to worry about,” Satish Chandra, chairperson, Central Board of Direct Taxes (CBDT) told Business Standard, but did not specify details of survey operations.

The government discontinued legal validity of the existing Rs 500 and Rs 1,000 notes on Tuesday night in an attempt to curb black money flow in the economy.

Revenue Secretary Hasmukh Adhia clarified that only surveys have been conducted by the tax department and not raids as feared earlier in the day.

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