The department has found that Rs 100 crore were deposited in 500 Jan Dhan accounts in the banks in western Madhya Pradesh post-demonetisation.
Gold prices hit one-month lows at the bullion market on Wednesday on sustained selling from stockists and investors in the backdrop of a crash in global market, while silver hit two-and-a-half-year low.
Traders said reduced offtake by stockists and retailers at existing higher levels amid a weak global trend as US economic data reinforced concern that the Fed will begin trimming stimulus measures, curbing demand for precious metals as a haven, mainly pulled down the bullion prices.
Demonetisation should be judged to have delivered some immediate gain if at least around Rs 2 trillion gets immobilised.
Imports are down also because local traders are clearing unaccounted stock after introduction of 1 per cent excise duty
Continued its slide for the sixth straight day, gold prices plunged by Rs 220 to trade at three-week low of Rs 28,280 per 10 grams in New Delhi on Thursday on increased selling by stockists amid a weakening global trend.
Marketmen said emergence of low level buying by stockists and retailers for the wedding season amid a firm global trend mainly helped gold prices to rebound.
Gold prices crashed by Rs 105 per ten gram on the bullion market in Mumbai on Friday due to heavy offering by stockists after a sharp fall in New York prices.
Raids are being carried out across the country by the Income Tax department in the wake of the burgeoning fake currency racket post demonetisation, as currencies both new and old have been seized in large amounts from Bengaluru, Panjim and Faridabad besides the national capital.
The rising trend in silver continued to remain unabated in the bullion market on Monday as the metal surged further to close at an all-time high of Rs 10,155 pre kg due to thin supply after a steep rally in the global prices.
However, silver rose for the third straight session by adding Rs 375 to Rs 48,800 per kg on increased offtake by industrial units and coin makers.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
Gold prices surged by Rs 650 to Rs 31,200 per ten gram on heavy purchases by stockists and retailers for the marriage season and approaching 'Diwali' festival.
Surpassing earlier records, pure gold (99.9) purity strode to historic-highs of Rs 6,140 per ten grams at the bullion market on Saturday.
Indian gold imports, which fell last week as world prices rose, are likely to pick up as jewellers replenish stocks to meet local demand during the marriage season, traders said on Monday.
Theft of gold from five packets had been reported to the police on January 16, 20, April 30.
The Australian media has said that the rise of Twenty20 cricket is a sporting reminder that everything 'quaint' in the game faces a future inundated by short form, and the need for variety.
Traders said stockists booking profits at prevailing higher levels following a rise of Rs 350 against sluggish demand mainly kept pressure on gold prices.
Rising trend in gold remained unabated on the bullion market on Thursday with the yellow metal rising sharply to end at another new record high of Rs 6610 per 10 gram due to poor supply after further sharp rise in the global prices.
Gold prices rose further to touch an all-time high during early trade on the bullion market in Mumbai on Tuesday, with standard gold being quoted at Rs 6,495 per ounce and pure gold at Rs 6,530.
Gold spurted further to maintain its shine on the bullion market, just ahead of Diwali, on sustained buying by retail customers and closed with another gain of Rs 75 at Rs 5800 per ten gram.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
Gold was Rs 28,100 per 10 gm on July 26, 2014.
Demand for gold in India, the world's biggest market, has risen sharply with the wedding season in full swing.\n\n\n\n
Silver advanced by Rs 150 to Rs 34,200 per kg on increased offtake.
Gold plunged by Rs 130 per ten gram at the opening and touched a five-month low of Rs 5180 on the bullion market in Mumbai on Thursday due to heavy selling spree.\n\n\n\n
Silver prices bounced back by Rs 345 per kilo on the bullion market in Mumbai on Friday due to heavy buying after a smart rise in the global prices. Gold also recovered smartly on fresh bouts of stockists' buying.
Gold prices plummeted by Rs 170 per ten gram on the bullion market in Mumbai on Thursday and closed at a 6-month low of Rs 5,660.
Spot gold fell as far as $1,142.10 an ounce on Thursday, its lowest since November 2014.
India, the world's largest gold consumer, is unlikely to announce a cut in customs duty on gold in its annual budget on Friday, despite demands by a leading industry body, traders said on Monday.
ICICI Bank Ltd said Reserve Bank of India authorized it in Feb 2002 to import gold/silver/platinum under Exim-Policy 1997 for sale in wholesale domestic market.
Gold prices hit a record high in India on Wednesday as global prices surged on war fears, bringing professional bullion trade in the country to a standstill and drawing queues of sellers at jewellery shops.
Traders said sustained buying by stockists and retailers amid a firm global trend where gold advanced as the drop to the lowest level in 34 months last week lured buyers mainly influenced the sentiment.
Traders said weak demand at prevailing higher levels and retailers looking for more correction mainly kept pressure on gold and silver prices.
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
Traders said sustained offerings by stockists on the back of weak global trend, as investors weighed the outlook for the Fed's monetary policy after improving economic growth, mainly reduced demand for gold as an alternate investment.
After gaining Rs 75 in the previous session, the precious metal advanced further, driven by a firming trend in overseas markets as US economic data signalled the Federal Reserve may continue its asset purchase program to support the recovery.
The rising trend in gold remained unabated on the bullion market in Mumbai on Monday with pure gold zooming up further to close at a new record high of Rs 6,235 per ten gram due to sharp rise in the global prices.
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