Jewellers welcome govt's decision to remove industry from PMLA - The Indian Express

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. 0 ...

India rethinks jewelry sales oversight after slump in gold demand - Arab News

India's demand for gold typically rises in the last three months of the year as consumer buy more for the wedding season and for festivals such as Diwali and Dussehra. (Reuters). MUMBAI: Indian authorities withdrew on Friday an amendment that made ...

No PAN card required for jewellery purchase of above Rs 50, 000 - Pragativadi

New Delhi: Providing a big festive cheer for the sector and potential customers, government on Friday revoked GST notification on gems and jewellery stating that PAN card will no longer is mandatory on the purchase of jewellery for over Rs 50,000.

PAN Norm Eased For Gold, Jewellery Purchase: 5 Points - NDTV Profit

Purchase of jewellery worth Rs. 50,000 and above will not require individuals to furnish their PAN (Permanent Account Number) details. The government on Friday removed gems and jewellery dealers from the requirement of reporting transactions above Rs.

Jewellery dealers happy over Centre's decision on PMLA act - The Hans India

Mumbai (Maharashtra): A member of India Bullion and Jewellers Association on Saturday showed satisfaction over the Centre's decision to rescind the notification on the Gems and Jewellery sector, stating that this measure has been taken on the account ...

Govt removes gems, jewellery dealers from PMLA reporting requirement - AppsforPCdaily

With the government exempting the gems and jewellery industry from the purview of Prevention of Money-Laundering Act (PMLA), 2002, retail jewellers said the industry could see a high double digit growth during the upcoming festive season led by a ...

PAN not must for jewellery purchase of above 50000 - Hi-tech Beacon

As per the decision taken in the GST council meeting today, no PAN card will be required for the jewellery purchase of over Rs 50,000. The diamond and gold jewellery sales this festive season will see an increase as there is no need for the clients ...

Now, no PAN mandatory for purchasing jewellery worth over Rs 50000 - Times Now

New Delhi: In a huge relief for people ahead of the festive season, the government on Friday suspended GST notification on gems and jewellery stating that PAN card will no longer be compulsory for the purchase of jewellery for over Rs 50,000, according ...

For now you won't need PAN to buy jewellery worth over Rs 50000 - Oneindia

For now you will not need your PAN card while purchasing jewellery worth over Rs 50,000. For now you won't need PAN to buy jewellery worth over Rs 50,000. The government has temporarily withdrawn a notification issued in August that made it mandatory ...

KYC norms for jewellery purchase over Rs 50000 eased - Times of India

Surat: Jewellers in the Diamond City are celebrating after the Goods and Service Tax (GST) Council decided to keep the gems and jewellery industry out of the ambit of Prevention of Money Laundering Act (PMLA) on Friday. The requirement under Rule 9 of ...

Dhanteras to push sales of gold jewellery - Deccan Chronicle

Retail jewellers are expecting a robust growth in sales of gold jewellery during the Dhanteras. The government notification issued in August bringing the gems and jewellery under the purview of PMLA provisions had actually threatened the prospects of ...

Jewellery purchase set to get back shine - The Telegraph

New Delhi, Oct. 6: Jewellery buyers need not share PAN card details for purchases worth over Rs 50,000 and jewellers need not inform the government about the purchases. The government today withdrew a notification that had extended the provisions of ...

No more PAN to buy jewellery above Rs 50000 - Deccan Chronicle

The limit of Rs 2 crore was to be calculated on the basis of the previous year's turnover, said the notification. In August 2017, finance ministry had brought the sector under PMLA. This meant that the jewellers had to keep detail record including PAN ...

Gem, jewellery dealers exempt from reporting requirement under PMLA - Hindustan Times

Union finance minister Arun Jaitley addressing media after the 22nd meeting of the GST Council in New Delhi on Friday. (PTI Photo). Ahead of the assembly elections in Gujarat, the government has removed gems and jewellery dealers from the purview of ...

No Aadhaar for jewellery buy of ₹50000 or more - Hindu Business Line

The Centre has decided to withdrew an August 23 notification that brought dealers in precious metals under the Prevention of Money-Laundering Act, 2002. With this, Aadhaar will cease to be mandatory for jewellery transactions exceeding ₹50,000.

Now no PAN card required for jewellery purchase of over Rs 50000 - Economic Times

NEW DELHI: Jewellery purchases exceeding Rs 50,000 won't require the income tax permanent account number (PAN) to be provided after the government reversed an earlier notification on Friday, providing a big festive cheer for the sector and potential ...

GST Council meeting: Dealers in gems, jewellery out of money laundering act - ExpressNewsline

With an eye on the Gujarat polls, the government has put gem and jewellery dealers out of the Prevention of Money Laundering Act (PMLA) in the GST Council meeting held today. Now PAN card is not needed for jewellery purchase of over Rs 50,000 and ...

Govt revokes notification, puts gems, jewellery dealers out of PMLA - The Asian Age

A separate notification after due consideration of points raised and wider stakeholder consultation, shall be issued separately. The government on Friday revoked the notification on the Gems and Jewellery sector which included jewellers under the ...

KYC not needed for buying jewellery above Rs 50000 - Business Standard

In a major relief for bullion dealers and jewellery retailers, the government has rescinded applicability of the Prevention of Money Laundering Act (PMLA) on purchases of precious ornaments above of Rs 50,000. In a notification issued on Friday, the ...

Gems & Jewellery Industry out of PMLA ambit - Diamond World Magazine

The Central Government has rolled back the previous notification that brought the gems and jewellery under the ambit of Prevention of Money Laundering Act (PMLA). According to the notification which has been rolled back, any dealer of precious metals, ...