Jeweller caught with 90 lakh cash in Goa, IT Department planting Decoys at Jewellery Shops and Banks after notes ban

After the demonetization drive has come into force the IT (INCOME TAX) department has become more proactive and started planting the decoys to catch hold of so-called culprits with a black money. In one such case, the IT sleuths have caught hold of a jeweler in Panaji Goa with 90 lakh cash and jewelry stocks. Read the full story here.

The sources have revealed that henceforth the decoys planted by the IT (Income Tax) department will be keeping the watch on a Jewelry shops and Banks to keep the track if anyone trying to get multiple people to exchange their old high-value currencies. The notes of 500 and 1000 are banned by the Modi government with effect from 8th November to unearth the black money in the country.

The taxmen are keeping the watch on each transaction after the high value currency notes were taken out of circulation by the government. According to the present government norms, the deposits of cash above 2.5 lakh is prohibited by law and it carries the penalty of 200% if there is a mismatch with person income returns.

According to the sources, during the drive, the Income Tax Department has surveyed various cities like Karnataka, Kolkata, Goa and Mumbai and made significant recoveries. The Jeweller that was caught in Goa with the cash of 90 Lakh and Jewelry is actually from Mumbai and he came to Goa to make a deal worth Rs. 45 Lakh with  a client in the state.

Besides Goa, the IT sleuths have also recovered the huge amount of cash from the other parts of India. In Bengal, over 4 crores have been found during the raids, while in Punjab where the polls are underway next year, 26 crores have been recovered by IT people from Ludhiana, said the sources. Sources have also revealed that the tax department is working in very planned manner on this issue. They check the sudden surge in sales in particular cities. A spike in Jan Dhan accounts – bank accounts at zero balance for the financial inclusion of all – is also under scrutiny.               


The ban on the highest currency notes was announced in a massive move to crack down on black or untaxed money, but opposition parties say it has come at a huge cost to the common man. Millions have been forced to queue up at ATMs and banks for cash. Crores in denominations of Rs. 500 and Rs. 1,000 have been found dumped or destroyed since last Tuesday.                    

In Uttar Pradesh sacks full of banned notes were found burnt. A large bundle of notes was found near a dustbin in Maharashtra. Cash worth Rs. 1.87 crore in denominations of Rs. 1,000 and Rs. 500 was found in raids at a plush home in Nagpur, around 700 km from Mumbai. “The poor are sleeping peacefully and the rich need sleeping pills,” PM Modi has said while referring to the notes ban in a series of public meetings.


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