PAN CARD details are not required for purchase of jewllery up to Rs.2 lakh

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Good news for jewellers. Now PAN card and Aadhaar card are not needed for jewellery purchases above Rs 50,000, according to ANI. In a bid to give some relief to jewellers, the government decided to revoke the notification that extended provisions of the Prevention of Money Laundering Act, 2002, (PMLA) to jewellery purchases.

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PAN card details not required for gold purchase up to Rs. 2 Lakhs.

Also Read – Govt restricts import of silver, gold items from South Korea

Jewellers or any entity dealing in gems, jewellery and other high-value goods that has a turnover of Rs 2 crore or more in a financial year will not be covered under PMLA (Prevention of Money Laundering Act, 2002).PAN card not required for jewellery purchase above Rs 50000, PAN card not required for jewellery purchase above Rs 50000, PAN Card Mandatory to Buy Gold worth Rs.2 Lakh or More.

That will help to improve the market conditions and will greatly helpful for jewellers and for normal peoples too because of this sell of jewellery will boost up again; jewellers are saying that this decision by the govt. is very helpful and relaxing.

The decision was taken at the 22nd GST Council meeting held on 6th Oct 2017. Now there is a relaxation for Jewellers as well as buyers of jewellery in cash up to Rs. 2 Lakhs. Also, the government need not be informed on jewellery purchase of over Rs 50,000.

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