Currency ban: CCTV footage of Nov 8 may land jewellers in a soup

Moneycontrol BureauTax authorities are asking leading jewellery stores for the close circuit television (CCTV) footage from the evening of November 8 when the ban on Rs 500 and Rs 1000 notes was announced, reports DNA quoting sources in the finance ministry.Soon after the ban was announced, many people rushed to buy bullion and jewellery to dispose their Rs 500 and Rs 1000 notes. Jewellery stores in leading gold markets of Delhi, Mumbai and Ahmedabad are said to have done brisk business till the early hours of Wednesday. There were reports that many jewellers were even willing to backdate the purchases.The Times of India reports that the investigation units of Income Tax department have started search and survey operations across the country on Thursday evening following reports that jewellers were discounting banned Rs 500 and Rs 1,000 notes at 40 percent. The search and survey operations were conducted on jewellers at Dariba Kalan and Karol Bagh in Delhi besides Chandigarh, Ludhiana and Jalandhar.