Government gift in the festival season: Purchase of more than 50 thousand gold, pan is not necessary now
While giving relief to the buyers and jewellers, the rule of giving pan on the purchase of jewellery worth Rs 50,000 or above has been removed. Jewellers will not have the obligation to give information to the government.
Government has announced good news for gold buyers and jewellers. The government has abolished the rules for giving a PAN or Aadhaar number to James, above Rs 50,000, for purchasing jewellery. Now the jewellers will not have the obligation to give information to such customers who will make a demand for more than Rs. 50 thousand. That is, if someone is buying gold or James from 50 thousand or more then it will not be necessary for the jewellers to give their PAN number.
Government has excluded the jewellery sector from the PMLA (Government’s Prevention of Money Laundering Act). PMLA rules mandatory to give PAN card or any identity card on purchasing more than Rs. 50 thousand. The government had earlier tightened the rules by deciding to bring jewellery purchase under its purview on August 23. Which was being repeatedly cited by the Sarafa Industries for its problems. After this, the government cancelled its August 23 notification on Friday.
However, paying on the purchases made from cash above 2 lakhs will be mandatory as before.