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To shore up revenues, taxmen dig up three-year-old demonetization cases

About 15,000 Indian jewellers have been sent tax demands; tax authorities are seeking around Rs 500 billion from people in the gems and jewellery sector

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Indian jewellers have received surprise tax notices asking them to turn over money they made from customers who scrambled to buy gold after Prime Minister Narendra Modi's 2016 ban on high-currency notes, according to a dozen jewellers and tax officials. When Modi announced a sudden ban on Rs 500 and Rs 1,000 bills on Nov. 8, 2016 to weed out undeclared cash, clients thronged the store of one Mumbai-based jeweller, clamouring for necklaces, rings, bullion - anything gold.   The jeweller - who asked to only be identified by ...