Indian government stands firm on demonetisation policy, controls gold purchases to track black money – The American Bazaar | Tech Reddy

“Mood of the nation is in favor of the Modi government.”

The Union Government of India on Monday said that it will not review the demonetisation of high value coins of Rupees 500 and 1000.

Refuting all allegations and criticisms against the government, Union Minister Venkaiah Naidu said that the prevailing mood in the country is in favor of the government, reported the Indian Express.

“No chance of rethinking. The mood of the nation is in favor of the Modi government and everyone in the meeting agreed that it is a historic decision,” Naidu said.

Naidu said after the BJP parliamentary meeting that leaders from across the nation supported the government’s move to fight black money. He said that the temporary pain suffered by people is for greater gains in the future. The allegations against the opposition parties are baseless and the government will respond to them at the appropriate time.

Union Minister Ananth Kumar said all allies of the National Democratic Alliance (NDA) have extended their support to Prime Minister Narendra Modi’s efforts to curb black money and corruption in a meeting he chaired by the prime minister. Praising the coalition parties for their support, Modi said “the credit for the move does not go to him personally”, but all parties standing for the government would benefit.

“There has been discussion about taking the initiative taken by the government to its logical conclusion. The government will address the nation on this issue through Parliament,” Kumar said.

Meanwhile, the opposition parties have decided to attack the government in the parliament in the winter session that is expected to start November 16. The opposition parties came under an umbrella to take on the government citing the inconvenience caused to the public.

Leaders of Congress TMC, RJD, JD-U, CPI, CPI-M, JMM and YSR met the Leader of Opposition in Rajya Sabha Ghulam Nabi Azad in his room in the Parliament House to formulate the strategy which must be followed in Parliament to strengthen the government. .

Authorities are tracking gold purchases across the nation to see if the bars are being used by black money holders to convert their illicit wealth into legal assets.

According to media reports, the demand for gold increased after the government announced demonetization on November 8. Gold was sold for Rupees 50,000 per 10 grams against the market price of Rupees 31,000.

“PAN is mandatory for sale of jewelery worth more than Rs 2 lakh. We are looking at jewelers to see if they break down their sales into parts of less than Rs 2 lakh,” CBDT Chairman Sushil Chandra was quoted as saying by PTI .

“Whether it is cash deposit or sale of goods in old currency note, we are looking and taking steps,” he said after inaugurating the CBDT pavilion at IITF.

The income tax department has issued notices to around 600 jewelers across the nation to submit details of sales they made between November 7 and 10.