Excise dept asks jewellers to furnish details of stocks

The DGCEI has sent letters to jewellers across the country to furnish details “of stock and sale of all kinds of gold and articles of gold jewellery during the last four days”.

Written by Deeptiman Tiwary | New Delhi | Published:November 13, 2016 1:47 am

With reports of jewellers across the country accepting demonetised cash, the Directorate General of Central Excise Intelligence (DGCEI) has asked all jewellers to furnish details of their stock in the past four days for verification. The DGCEI has sent letters to jewellers across the country to furnish details “of stock and sale of all kinds of gold and articles of gold jewellery during the last four days”. They have been asked to furnish information on stock and sales from November 7 to November 10 via fax or email. The information has been sought under Section 14 of the Central Excise Act.

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Initially, the jewellers were asked to furnish the information by November 12. But, many shops had downed shutters and could not be served the letters. According to officials, a new deadline will be set on Monday.

“Once we receive the information, we will verify stocks, sale and cash deposits and match them with the excise paid and gauge patterns. If any discrepancy is found, action will be taken,” said a DGCEI official. He added that in case discrepancy is found or the order to furnish details is not complied with, searches will conducted on the jewellers.

Soon after the demonetisation announcement, people were seen rushing to jewellers and there were reports that jewellers were not only selling gold at a premium but also making back-dated entries to ensure that the cash earned is not questioned.