GOVERNMENT OF INDIA
MINISTRY OF FINANCE
LOK SABHA

UNSTARRED QUESTION NO: 2948
ANSWERED ON: 02.12.2016
Gold Price after Demonetisation
T. RADHAKRISHNAN
SUDHEER GUPTA                                                  
MANOJ KUMAR TIWARI                                     
SUNIL BALIRAM GAIKWAD                               
GAJANAN CHANDRAKANT KIRTIKAR           
KUNWAR HARIBANSH SINGH                         
(SMT.) RATNA DE(NAG)                                     
V. PANNEER SELVAM                                         
VIJAY KUMAR S.R.                                               
BIDYUT BARAN MAHATO
Will the Minister FINANCE

of

be pleased to state:-

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(a) whether the Government is aware that gold was sold at a premium after immediate announcement of demonetisation of high denomination currency in the country, if so, the details thereof;

(b) whether the Enforcement Directorate and Revenue Department have examined the matter and have identified such individuals/companies involved in this exercise;

(c) if so, the details thereof; and

(d) the action taken by the Government against those indulging in unlawful activities in this regard?

ANSWER

THE MINISTER OF STATE IN THE MINISTRY OF FINANCE

(a)to (d) Investigations conducted by the Income-tax Department post 8th November, 2016 have inter-alia indicated exceptionally high sales by several jewellers on 8th November. Investigations have revealed that these were mostly cash sales/advances for future sales, for which some premium was charged. Examination and further action against the entities engaged in such practices is an on-going process. Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable. Further, the disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-Tax Act, 1961.

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