Jammu: Fearing IT raids, jewellery shops remain shut for 7th consecutive day

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Gold and jewellery establishments in the winteral capital remained shut for the 7th day today after the Income Tax Department carried out surveys following reports of alleged profiteering and efforts at tax evasion following the government’s demonetisation move.The government last week demonetized high denomination Rs. 500/1000 notes to flush out black money.

Also read:No Income tax in Modi’s India

There were reports however of people rushing to buy gold in a big way, prompting the I-T Department to carry out surveys of some bullion deals.While some jewellery stores have been siezed, others have been closed since November 11 in Jammu fearing raids by IT officials.

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