Officials of Income Tax Dept. raided jewelry shops on receiving tips that a gold shop located at Banjara Hills accumulated Rs. 1000 crore demonetized currency. In another gold shop, attempts are being made to identify those who purchase gold after 8th November. It is understood that people having black money got it converted into white by purchasing gold through demonetized currency. There are reports that many kgs of gold was sold overnight. Income Tax officials had special vigilance on Gold traders from 8th to 15th November. Watching the CCTV footage, they are trying to identify the purchasers. The camera footage exposed that only 50-60 persons approached gold merchant but the records show that more than 5000 persons have transacted the business. IT officials do not believe these records and they are investigating in their own way. They are reviewing all the bills of gold purchasers.
Those who purchase gold in larger quantities during these periods are getting panic. IT officials are also checking the stock of gold before 8th November and after it. Attempts are being made to issue notices to all those who violated rules and regulations.