Accounts of jewellery exporters being vetted
Posted on: 15/Nov/2016 2:41:21 PM
The Centre has said that jewellery exporters may be over invoicing, and has ordered a check on the matter.
According to sources, The move was intended to find out whether there was any misuse of export-linked gold import policy. There is a possibility of accommodation in export transactions between parties to avail the gold import benefits.
Gold imports fell to 950 tonnes in 2015-16, a drop of about 10 per cent from 1,050 tonnes in the previous year. Nevertheless, gold imports have been a major source of worry for policy planners as the yellow metal has been the biggest foreign exchange drainer for the country. Tax authorities are probing whether the jewellers deliberately split sales into sub-Rs.2-lakh values to obviate the need for quoting PAN immediately after the announcement of the ban on Rs.500 and Rs. 1,000 notes.
