THE BIG STORY | Income tax Raid Aftershock: Silverlines seized, Jain Bazaar Jewelers shut their shops

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JAMMU: In a recent crackdown by IT official at jewelry shops in Jain Bazar, Jammu, the officials have recovered some mismatched bills and illegal money from few shops, suggest unconfirmed reports.

Today morning, IT officials made a surprise check at the most famous jewelry market of the city, following reports of illegal trade be carried out here. Also, following the recent demonetization policy rumors are rife about a big black money racket being run by jwellers not just in Jammu, but across India.

Sources have confirmed to U4UVoice, that Finance Ministry is about to instruct the jewellery shops to submit their CCTV footages from November 8, 8 PM onwards. The directive appears to be issued from the office of Revenue Secretary. The Income Tax department has been roped in the massive crackdown operation. The I-T officials would be closely scrutinising the clips to identify the potential black money hoarders.

Meanwhile, famous jewelry brand Silverlines became the first target of these officials. The showroom has been seized and investigation is under process. As the news of IT raid spread like wild fire, various jewelers in Jammu, instantly shut down shops. Isn’t this an indicator enough for the IT officials?

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Here are some exclusive on-spot visuals (Jain Bazar, Jammu):

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The price of gold has rocketed after the existing Rs 500 and Rs 1000 notes were scrapped by the government. A section of the population decided to invest in golds rather than disclosing their wealth before the banks. Submitting the hoarded amount of money would turn it into accounted. Government has also announced that all those depositing above Rs 2.5 lakh could be traced and suitable action be taken against them. A 200 per cent penalty would be imposed on the taxable component of the amount.