As the festive season has begun, the government has uplifted the PAN requirement for the gold purchase worth above Rs. 50,000 enforced under PMLA [Purview of the prevention of money laundering act 2002]. After the issue was raised by the Jewelers Association across the country, BJP government and GST council have decided to withdraw the issue of needing PAN Card Copy on the purchase of Jewellery above Rs. 50,000 this Dhanteras and Diwali.
As per the sources and the recent updates, the top hallmarks of Gold dealers including the Gitanjali Jewelers, Titan Company, Tara Jewels, TBZ, and PC Jewellers has been in 4-7% gain after the announcement came out that PAN is no longer required for Gold Purchase of Rs. 50,000 or above.
Buy Gold Worth Rs. 50,000 or Less This Dhanteras, No PAN Copy Required
Dhanteras is the day that is celebrated in North India and West India very cheerfully. This Day everyone buys gold, silver, and other valuables as a ritual. With the PMLA norm to attach PAN copy with every gold transaction, the purchase of gold has significantly dropped and the Gold shares have reduced. With the upliftment of the rule, the top gold companies have really benefited.
On 23rd August, the government has issued the rule under the PMLA [Purview of the prevention of money laundering act 2002] that states that any transaction in cash above 2 Lakh and any gold transaction above Rs. 50,000 will need to be recorded along with the PAN copy.
In the meeting of GST Council this October 6th, this decision was signed stating that there will be no need to attach the copy of PAN on the gold transaction above Rs. 50,000. As the season of festivals has just started, this rule will definitely lighten up the gold market and buyers. With no PAN requirement for Gold Transactions above Rs. 50,000 now more and more customers will line up for the purchase of jewelry as per the Gold Dealers.
Gold is considered as one of the best investments among Indians, with this rule outbursting, it has definitely come as a relief to the people of India this festival season and Gold dealers.
Source – Finance Minutes
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