The taxman may knock on your door if you bought gold immediately before or after high denomination currency notes were withdrawn - even if you paid for the precious metal by cheque or credit card.

Excise authorities have issued notices to 600 jewellers to give details of stocks and sales for each day from Nov 7, a day before the announcement, to Nov 10, the India Bullion & Jewellers Association told ET. This might be one of the reasons to have caused jewellery and bullion demand to fall sharply in the days after the notices were issued last Friday.