Speaker - Mr. Pradeepkumar J. Jhaveri Raids, Searches, Seizures vis a vis Jewellery Valuation.

Introduction: Name – Mr. Pradeepkumar J. Jhaveri Profession : Prominent & Recognised Govt. Appointed Registered Valuer of Jewellery. Credential Motto :Trust. Reliability. Respect. Personal service. Academic Qualification : B.Com.(Hons.), Read C.A.,Law & C.S. Prominently attends all Raids undertaken by C.B.I. Income Tax, Customs, FERA, Sahara Intelligence, D.R.I. etc. Has acted as Arbitrator with High Court Judges. Prominent in this Field from last 30 years.

Introduction Contd… Prominent Speaker on Raids, Searches, Seizures & Jewellery Valuation. Given exquisite talks in 17 Professional Corporate Forums. Valuations done free of cost for all Religious Charitable Institutions which have ornaments for its Deity. Valuations done for all Jain Temples, ISKCON & other Spiritual institutions ; even the cost of conveyance is borne by us. Well known in all the police stations from Nariman Point to Goregaon. Contacts with all the High Net Worth Individuals – Industralists, Diamond Merchants, Film Industry, Builders & other eminent professionals in all the fields

The distinguishing Qualities that we possess due to the Grace of God: Style Achievement Calmness Competence Simplicity Elegance Leadership Divine Power Excellence Innovation Success Quality Confidence

Hierarchy of Investigation Wing : Director Additional Director Deputy Director Director General

Hierarchy Contd….. Male Inspector Income tax officer Female Inspector Male Inspector Deputy Director

The Points to be considered during Raids, Searches, Seizures & Jewellery Valuation: Striking Time. Questions asked on entry – 5 to 6. Bogus /Genuine Searches. Cars, Scooters, Vehicles searched. Circular May Form of Jewellery Valuation Report - form O8 - O8A – Method of Valuation of : 1. Gold Ornaments / Items – 4 pages comprehensive Chart 2. Diamond Jewellery/Items – Engraving no. of diamonds & weight in cts. shape wise. Section 16A read with rule 3B of WT Rules – 33.33% difference permissible.

3. Loose Cut & Polished Diamonds Guidelines in respect of valuation : 1. The shape of the diamonds must be mentioned. 2. The Cut of the diamond must be mentioned – i.e.full cut, old cut, single cut or any other type of cut. 3. The wt. in cts. of Diamonds as contained in various packets. 4. Where the no. of pcs. are countable then it must be mentioned. 5. Where the no. of diamonds are not countable then the sieve no or the average size to be mentioned – circulars as issued by CBDT. 6. The quality of the diamonds - VVSI 1, VVSI 2, VSI 1, VSI 2, SI 1, SI 2, PK 1, natts etc must be mentioned.

Contd…… 7. Pearl Ornaments / Items. 8. Silver Utensils / Articles / Items 9. Silver Coins/ Bars / Items 10. Silver Ornaments 11. Watches / Items – Gold 12. Watches / Items – Diamonds 13. Watches/ Items – If set with any precious – semi precious stones. 14. Antiques / Artifacts if set with any precious or semi – precious stones. 15. Items of no – commercial value.

The Points to be considered during Raids, Searches, Seizures & Jewellery Valuation – contd….. Jadtar Jewellery Valuation Method. Lot of Gold Ornaments is not valid in terms of form O8 A Silver – Actual Inventory – Sonawala Case. Rules For Valuation of jewellery – above 5 lacs, Schedule 3, Part G, Rule 19. Cash above Rs. 50,000/- & that disclosed in statement of net wealth - Guideline. Labour bills– Very Important – Chaudhry case. Consequential action. Food in Raids Raid not to continue beyond 11 p.m.

Case Laws: No. of Diamonds Case ( Seksaria ) Back round clip case Bangles made bigger in size Old Cut Diamonds Suits Case Secret room Case Practicality.

Case Laws contd…. Personal wear Bangles case – 12 cts matter. Switch case – Jewellery in seal Artifacts case ( Rungta ) Helen’s case Pendant to be made into ring case. Old woman diamond missing case

Any Questions ???

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