Demonetisation: Three more jewellers from Hyderabad face the I-T raid

Written by | December 21, 2016 | 0

Hyderabad: A bullion company in Vijayawada called Rajani Gold, that sold Rs 32 crore worth of gold post-demonetisation has come to the notice of the Income-Tax department and the Enforcement Directorate. This comes quick on the heels of a probe into Hyderabad-based Musaddilal Jewellers for selling Rs 100 crore worth of gold on November 8.

The ED and I-T officers are scrutinising the records of gold transactions of Rajani Gold in Shivalayam Street in Vijayawada and also of Rayalseema Bullion and Commtrade Pvt Ltd.

E. Chandar Rao of Rajani Jewellers said, “We always make high sales. I have sold Rs 32 crore worth of gold and this is all related to advances taken 10 days before the note cancellation. I am in this business for the past seven years. There are no bad remarks against me. On November 13, I paid an advance tax of Rs 2 lakh.”

Denying any fraud, he added, “As per government rules, for any sale above 50 grams, we take PAN card, Aadhaar card and other KYC details.

Filed in: Hyderabad

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