PAN not required for buying gold?
The government has announced that for jewelry purchases of more than ₹50,000 PAN and Aadhaar details are not compulsory anymore.
This announcement was made by the Finance Ministry recently.
A person buying jewellery above Rs 50,000 will not be required to submit their PAN or Aadhaar card details.
The new ruling also states that any business outlet dealing with gems and jewelry and with an annual turnover of ₹2 crore or more shall not be covered under the Prevention of money laundering act.
Recently, the Goods and Services Tax (GST) on gold was raised to 3% from 1.2%.