A recent notification of ministry of finance says that one can buy jewellery below Rs. two lakhs without giving PAN and AADHAAR. Earlier this limit was kept at Rs. fifty thousand only. That jewellery can be purchased without giving any such documents at a shop.
This news is quite significant since the timing of notification is at a time when one third of jewellery sales happens in the phase in the country. The annulment of 23rd August notification which warranted sharing the information of such purchases worth of Rs. 50,000/- and above to authorities under PMLA is a great relief.
Earlier, like other sectors, the threshold for KYC was Rs 2 lakh. This got lowered to Rs 50,000 after the jewellery sector was brought under PMLA on August 23.
The consumer behavioural pattern in jewellery sector has been relatively different where women consumers are more and they used to be hesitant to share their PAN / AADHAAR details thus affecting the sector apart from the logic that at prevailing price one can buy around 15 grams of gold only in fifty thousand rupees while we know in India how much affinity one keeps with this yellow metal and was proving a deterrent to industry thus necessitated the thinking to alter the fifty thousand bracket.
Wednesday, October 11, 2017 8:31:00 AM