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IT department keep an eye on jewelry buying

IT department keep an eye on jewelery buying

Buyers seem to be concerned by the Reserve Bank of India (RBI) announcement to withdraw the pre-2005 banknotes and replacing those with added security features from 1 April.

After RBI’s decision to change old notes, gold jewellery sales shot up 10-15 per cent on Monday.

IT department not only the bank but also will look at jewelers buying. Income Tax department to inform those who seek to replace old notes from banks, will also customers information by the jewelers, who has huge buying of gold after RBI’s decision to change old notes.

The IT department will be information those major purchases of gold by jewelers. The jewelers began making a list of such customers. RBI’s decision to change old notes after buying gold jewellery have risen by 10-15 per cent. Not only that, jewelry sales-tax receipts will be asked. Now for more than Rs 2 lakh to buying gold PAN No. is required.

Buyers seem to be concerned by the Reserve Bank of India (RBI) announcement to withdraw the pre-2005 banknotes and replacing those with added security features from 1 April.

Significantly RBI, currency notes before 2005 are closed. RBI’s decision to increase the buying of gold.

IT departments seeking information people who may change huge amount. IT department will identify the list of people who Tax jack. The decision to replace the old notes will help in preventing money laundering. IT department says that the out of banks transaction,  banks do not have the heightened security systems to catch him.

Reported News Source: CNBC Awaz

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