The figure of 15 tonnes is significant as it amounts to over a fifth of the monthly sales of gold in a normal year. Indians consume around 800 tonnes of gold each year, though this year the figure is estimated to be much lower at 500 tonnes, especially after the crackdown on trade and demonetisation. Jewellers caught the tax authorities’ attention by keeping their establishments open well after midnight on Tuesday. The central excise intelligence unitof Bhopal sent tax notices to 650 jewellers, asking them to state the quantity ofsold between November 7 and 11.
December 11, 2016 at 5:32 pm
Since there has been an abnormal sale of gold in the night of Nov 8-9 , the matter must be investigated as there is a chance of converting black money into gold by old notes.