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For now you won’t need PAN to buy jewellery worth over Rs 50,000

By Vicky
|

For now you will not need your PAN card while purchasing jewellery worth over Rs 50,000.

For now you won’t need PAN to buy jewellery worth over Rs 50,000

The government has temporarily withdrawn a notification issued in August that made it mandatory for jewellers to ask for KYC (know your customer) documents for such purchases. The notification had brought the gems and jewellery sector under the PMLA Act.

Jewellers demand a buyer's PAN card for purchases above Rs 2 lakh, but the notification had reduced the threshold to those worth over Rs 50,000, which had troubled the sector.

"After considering various aspects of the issue, the government has decided to rescind the said notification. A separate notification after ... wider stakeholder consultation in this regard, shall be issued separately," the government said in a notification

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