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PAN card will not be required for jewellery purchases above Rs 50,000

The government has removed gems and jewellery dealers from the purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA).

October 06, 2017 / 22:21 IST
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In the Mumbai bullion market, the yellow metal saw a gain of rs 19 in prices to Rs 38,450 per 10 gram of 24-carat gold (plus 3 percent GST), on the back of festive demand. (Image: Reuters)

Ahead of the assembly elections in Gujarat, the government has removed gems and jewellery dealers from the purview of the reporting requirement under the Prevention of Money Laundering Act (PMLA).

This effectively means that a PAN card will not be needed for jewellery purchases of over Rs 50,000.

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The government rolled back August 23 notification that notified dealers in precious metals, precious stones and other high value goods as persons carrying on designated business and professions under the Prevention of Money Laundering Act, 2002.

Under the PMLA, every reporting entity is required to maintain record of all transactions of value exceeding Rs 10 lakh, all cross border wire transfers of more than Rs 5 lakh and all purchase and sale of immovable property of Rs 50 lakh or more.