The massive hunt for undeclared cash launched across the country post demonetisation has revealed that this was either converted into gold or routed through shell companies to make it legal tender, IT sleuths have told IANS.
Income Tax officials said black money holders avoided the bank-deposit route because they wanted to conceal their identities and somehow had "managed to get many jewellers" to convert their unaudited cash into gold.
"They bought gold and jewellery from jewellers across the cities on November 8 (the night Prime Minister Narendra Modi announced the demonetisation of Rs 500 and Rs 1,000 currency notes from midnight) and, thereafter. Jewellers camouflaged the identities of the actual buyers and offered split bills," an Income Tax official, who was part of the investigations, told IANS on condition of anonymity.
According to him, jewellers saw in demonetisation an opportunity to ramp up their sales and thought "they could get away" by showing these amounts as sales.
"Jewellers offered a platform to convert unreported cash into gold," the official said, adding that split bills were below the value of Rs 2 lakh, the threshold above which buyers have to provide the permanent account number (PAN) issued by the income tax department.
"The buyers' lists provided by the jewellers were false. After verification, it emerged that many of the buyers were financially weak and not in a position to spend such huge amounts shown in the invoices," the official said.
Taxmen tried to find an answer to a common question: How did jewellers meet the huge spurt in demand following the announcement of demonetisation, particularly after the festival season?
"We found many of these sales were booked as advance collection for future sales. Due to preceding sales during Dhanteras and Diwali, jewellers had a stock crunch and they delivered gold later," another IT official told IANS, asking not to be identified.
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