Visakhapatnam: Black money worth Rs 50 crore was reportedly converted into gold in Vizag on Nov. 8. As the news of demonetisation broke, those with black money immediately purchased gold. Those who bought the gold on that night cannot escape the income tax sleuths; they need to be ready with the details about the cash with which they have purchased gold. I-T sleuths are also keeping a vigil on the transactions of high profile businessmen in the city whose net worth is more than Rs 100 crore. I-T sleuths have specific intelligence inputs that Vizag still has Rs 500 crore of unaccounted money in cash.
Under the recent income declaration scheme, Vizag declared around Rs 750 crincome. Highly placed sources in the I-T department said raids will be conducted on stash holders after December 31. As per the estimates of the I-T sleuths, the gold that was purchased on that single night amounts to '50 crore. This was revealed during the raids conducted by I-T men on jewellers in the last four days.
Interestingly, some of the jewellers and gold merchants were left clueless initially with the unprecedented rush. Later, they realised it was due to the demonetisation. Those hoarding black money felt it better to convert cash into gold. “We are surprised to know just one merchant had sold around Rs 9 crore worth gold and jewellery on that night. Cleverly, they billed the purchases less than Rs 2 lakh so that PAN card details need not be entered to hoodwink us. We collected details those who purchase gold on that night and we may raid them,” said a senior officials in the department.
We have already collected details of all those who purchased gold on that night and we may raid them. They need to account for the gold they have purchased otherwise they have to face the consequences,” said a senior official of the IT department.
